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(Keynes 1942: international currency)
financial markets
European crisis and policy responses: an assessment
+ full employment
+ equal distribution of disposable income
+ government involvement
today:
still paradigm
Questions?
- Gap of the member countries
- competitiveness
bonds increased for Portugal (2010/2011) + Spain (in 2012)
got help by european rescue package
GIPS
1. full transfer of competence to the Community
level for monetary policy
2. rates-based coordination for fiscal policy
3. "soft" coordination for other economic policies
3. Structural reforms:
beginning of 2010: prevent end of the Euro
+ Greek government default
Okt. 2010: Irish government bonds
Nov. 2010: help of the Euro rescue fond
Hein, Eckhard/ Truger, Achim/ Treek, Till van (2011): The European Financial and Economic Crisis: Alternative Solutions from a (Post-) Keynesian Perspective
The Economic crisis and policy responses: an assessment
interconnection of public-, private- and foreign sector:
public sector balance + private sector balance + foreign sector balance = 0
Hein, Eckhard/ Truger, Achim/ Treek, Till van (2011): The European Financial and Economic Crisis: Alternative Solutions from a (Post-) Keynesian Perspective
start of the global financial Crisis in 2007:
- globalization of finance
- easy credit conditions
- housing bubble
2009 European dept crisis started
Greece and Irland
Hein, Eckhard/ Truger, Achim/ Treek, Till van (2011): The European Financial and Economic Crisis: Alternative Solutions from a (Post-) Keynesian Perspective
Hein, Eckhard/ Truger, Achim/ Treek, Till van (2011): The European Financial and Economic Crisis: Alternative Solutions from a (Post-) Keynsian Perspective, in: Hans-Böckler-Stiftung (Hrg.), in: Institut für Makroökonomie und Konjunkturforschung, Düsseldorf
Dodig, Nina/ Herr, Hansjörg (2014): EU policies adressing current account imbalances in the EMU: an assessment, in: Financialization, Economy, Society and Sustainable development – Large Collaborative Project, Social Sciences and Humanities
Hein, Eckhard/ Detzer, Daniel (2014): Coping with imbalances in the Euro Area: Policy alternitives addressing divergences and disparities between member countries, in: FESSUD - Financialisation, Economy, Society and Sustanable Development
Images:
Hein, Eckhard/ Truger, Achim/ Treek, Till van (2011): The European Financial and Economic Crisis: Alternative Solutions from a (Post-) Keynesian Perspective
dumonde.com.au, download 3.01.2015
chicken.ie, download 3.01.2015
united-states-flag.com, download 3.01.2015
http://www.europarl.europa.eu/brussels/website/content/modul_02/abb_ezbeuro02.html, download 4.01.2015
shop.labour.org.uk, download 3.01.2015
http://de.wikipedia.org/wiki/Hamburger_Hafen, download 4.01.2015
http://ceo.ca/wp-content/uploads/2014/04/7022230-3d-illustration-of-euro-crashed-european-crisis-concept.jpg download 02.01.2015
http://www.uio.no/english/research/interfaculty-research-areas/democracy/bilder/eurocrisis.jpg, download 30.01.2015
http://www.marxist.com/images/stories/europe/europecrisis.jpg, download 30.01.2015
http://mmmglobal.org/wp-content/uploads/9414.jpg, download 30.01.2015
http://i.telegraph.co.uk/multimedia/archive/02241/euro_2241006b.jpg, download 30.01.2015
http://foreignpolicyblogs.com/wp-content/uploads/domino.jpg, download 30.01.2015
https://www.singularityweblog.com/wp-content/uploads/2014/11/John-Maynard-Keynes.jpg, download 30.01.2015
by Lola Attenberger (444802) and Igor Condric (444640)
Macroeconomics (200392),
Nina Dodig
Winter term 2014/2015
Hochschule für Wirtschaft und Recht Berlin
(Berlin School of Economics and Law)