The eurozone in the current crisis

Arbeitspapier

This paper contrasts the United States (US) and European situations during the crisis and examines how much of the crisis has been imported by Europe from the US. The paper argues that Europe never had a chance to avoid contagion from the US. It also documents the relatively limited reaction of both monetary and fiscal authorities. Muted fiscal policy actions may well be a consequence of the Stability and Growth Pact despite its having been de facto suspended. While the European Central Bank (ECB) intervened promptly and massively to attempt to maintain liquidity in the money market, it has been slow in dealing with the upcoming recession. The concluding remarks consider the differences that the monetary union has made and their relevance.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: ADBI Working Paper ; No. 207

Classification and Topics

• Classification: Wirtschaft ; Institutions and the Macroeconomy ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Central Banks and Their Policies ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Current Account Adjustment; Short-term Capital Movements ; International Monetary Arrangements and Institutions
• Subject: Finanzmarktkrise ; Konjunktur ; USA ; Ansteckungseffekt ; Geldpolitik ; EU-Staaten

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Wyplosz, Charles
• Event: Veröffentlichung
• (who): Asian Development Bank Institute (ADBI)
• (where): Tokyo
• (when): 2010

Further information

• Handle: http://hdl.handle.net/10419/53587
• Last update: 10.03.2025, 11:44 AM CET