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Europe debt problem/ responses for 2013/14 - Essay Example

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For quite some time, the euro zone has been faced with a very challenging task of how to handle the homegrown euro crises that has continued to affect a number of countries in the zone. The euro zone economies of Ireland, Greece, Spain, Portugal, and Italy joining the trend most…
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Europe debt problem/ responses for 2013/14
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Download file to see previous pages The crisis deeply affects the management of several economies within the same currency zone bearing in mind the political and economic tensions arising from the difference in speed of growth, fiscal capacity and their profiles of debt while tied to a single currency.
The start of the euro zone crisis can be traced back to 1999 when eleven European countries came together and decided to unify all their currencies into one stronger currency. The euro was born and replaced all the other currencies in the eleven countries in form of notes and coins. The euro zone members increased to 17 countries in the year 2011. Having a common currency was viewed as an incentive to increase inter-border competition and therefore stir a spirit of economic growth in the member countries. It was also looked at from an angle where the member countries had political sovereignty and power due to the large number of people using the same currency. From a macroeconomic angle, one monetary policy in the zone was aimed at achieving price stability. This was expected to add some credibility and long term stability of the currency and therefore market it as an attractive investment and trading currency. The idea was to make the euro an important and attractive currency in the foreign exchange markets.
The financial crises that affected the whole globe in 2007-2008 triggered heavy debts and a decline in the growth of the euro. This crisis led to a financial intermediation disruption with the credit boom that had started in 2003 until 2007 registering falling interest rates. Several bad debts were evident arising from excessive lending. This financial crisis prompted the EU to hold an emergency summit in Paris and a plan was hatched to curb the liquidity problem. Interbank lending was encouraged to have a financial boost and coordination measures were taken to prevent countries from harming one another. The emergency measures agreed upon in the year 2008 and 2009 ...Download file to see next pagesRead More
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