PPT-The Eurozone Crisis:

Unnecessary and SelfInflicted April 2013 Mark Weisbrot Center for Economic and Policy Research wwwceprnet Debt crisis or policy crisis Conventional wisdom Eurozone governments have borrowed too much must reduce debt and therefore annual deficits in order to get back to a sustainable debt level and restore growth. Average annual GDP growth rate (%), 1999–2008:. The first years (until the Great Crisis). Asymmetries: some evidence of decrease:. Stage two: the public debt crisis in the . Eurozone. However negative growth and large budget deficits . Dr. S. Finch MD,CM, FRCPC, ABAM-Diplomate. Introduction. BPD is common disorder, especially in clinical populations. Prevalence 1-2% general population, up to 10-20% outpatients, 25% agitated emergency patients. Mark . Weisbrot. , . Co-Director. Center for Economic and Policy Research. September . 24, . 2011 . Europe’s crisis, stagnation, and unemployment . are . not the result of unsustainable . borrowing. Assaf. . Razin. June 2010. Tracking the Great Depression by months into the Crisis. Eichengreen. and . O’Rourke. 2. And, after 1 year…. Shocks are of similar magnitude but different policy actions. Unnecessary and Self-Inflicted. April 2013. Mark . Weisbrot. Center for Economic and Policy Research. www.cepr.net. Debt crisis or policy crisis?. Conventional wisdom: Eurozone . governments. have borrowed too much, must reduce debt (and therefore annual deficits) in order to get back to a sustainable debt level and restore growth.. Calling Germany on its hypocr isy in the Eurozone debt crisis Albrecht Ritschl argued that debt to Germany under the Marshall Plan held important lessons for solving the Greek economic crisis What was Group 2. Wen-Yun . TU, Ho Hsia, Ibrahim. 1. GDP Growth of Eurozone. Double-dip recession. 2015. Q1. Q2. Q3. Q4. Year average. Growth rate. of GDP. 0.4%. 0.4%. 0.5%. 0.5%. 1.4%. 2. How about PMI. ?. 3. European. . Parliament. . Elections. The election of European Parliament is held every five years in the EU Member States.. The last election of the European Parliament was held . in . May 2014. . According to the election results, it seems that conservative. The Fundamental . Trilemma. Country can choose only two the three objectives: fixed exchange rate, open financial markets, or monetary independence: . Country can have fixed exchange rate and retain monetary policy. But this would require maintaining controls on financial flows.. Layna. Mosley. Dept. of Political Science. UNC Chapel Hill. mosley@unc.edu. Cyprus, March 2013. Cyprus joined EU in 2004, and the . eurozone. in 2008. Outline. The making of Economic and Monetary Union (EMU). Layna. Mosley. Dept. of Political Science. UNC Chapel Hill. mosley@unc.edu. Cyprus, March 2013. Cyprus joined EU in 2004, and the . eurozone. in 2008. Outline. The making of Economic and Monetary Union (EMU). April 2013. Mark . Weisbrot. Center for Economic and Policy Research. www.cepr.net. Debt crisis or policy crisis?. Conventional wisdom: Eurozone . governments. have borrowed too much, must reduce debt (and therefore annual deficits) in order to get back to a sustainable debt level and restore growth.. Econ 340. Econ 340, Deardorff, Lecture 17: Euro. 2. Outline: European Monetary Unification and the Euro. What Is It?. History of the EMU. Need for Convergence. Pros and Cons of Unification. Why Adjustment Is Hard. 1. Financial crisis. Debt crisis. Bank crisis. Competitiveness crisis. Political crisis. Europe’s four crises. 2. The role of the euro. The crisis started in the US. . . but.... ...the euro locked it in:.