Scandinavian Working Papers in Economics
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Bank of Finland Research Discussion Papers, Bank of Finland

No 12/2013:
The euro crisis: a view from the North

Seppo Honkapohja ()

Abstract: The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis.I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem.

Keywords: financial crisis; sovereign debt; European integration; (follow links to similar papers)

JEL-Codes: E62; E65; F36; (follow links to similar papers)

28 pages, June 28, 2013

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This paper is published as:
Honkapohja, Seppo, (2014), 'The euro area crisis: a view from the North', Journal of Macroeconomics, Vol. 39, March, No. Part B, pages 260-271

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