1 The Eurozone Crisis: Causes and Solutions Klaas Knot President, De Nederlandsche Bank Asia Society, Hongkong 15 October 2012.

Slides:

Advertisements

Similar presentations

Chapter 16 Export-Oriented Growth in East Asia.

Advertisements

Fiscal Policy Challenges Facing the New Member States in a Period of Large Capital Inflows & Substantial Investment Requirements Armin Riess European Investment.

Fiscal Consolidation and Public Investment: Friends, Foes, or Neutral Partners? A Look at Bulgaria and Romania Armin Riess European Investment Bank International.

The Hungarian Budget Review Daniel Bergvall and Ian Hawkesworth Budgeting and Public Expenditures Division.

Overheating in Emerging Markets: The Next Crisis? Uri Dadush Carnegie Endowment for International Peace February 16, 2011.

The Euro in Crisis Uri Dadush Carnegie Endowment for International Peace Chicago, June 14, 2010.

Financial convergence in Asia C.P. Chandrasekhar.

The Baltic States: Recovery, Outlook, and Challenges Economic Crossroads: From Recovery to Sustainable Development in the Baltic States and the EU Riga,

Annual Growth Survey macroeconomic report Brussels, 6 February 2013 Kees van Duin Policy Coordination and Strategic planning Directorate General for Economic.

Recent Developments and Outlook Ministry of Finance January 2011 State of Israel Ministry of Finance.

WHAT IS THE GLOBAL ECONOMIC OUTLOOK? Paris, 6 May 2014 Angel Gurría, Secretary-General and Rintaro Tamaki, Deputy Secretary-General and Acting Chief Economist.

Patterns of Convergence and Divergence in the Euro Area By A. Estrada, J. Gali and D. Lopez- Salido; 2013.

The European (Debt) Crisis: Who is the Worse Guy – Germany or Greece? Ukrainian Academy of Banking of the National Bank of Ukraine International Competition.

The Eurozones Three Crisis Karl Whelan University College Dublin June 11, 2012 Infiniti Conference.

Research Department 1 Global Economic Crisis and the Israeli Economy Herzliya conference Dr. Karnit Flug Research Director, Bank of Israel February 2009.

6.02 Understand economic indicators to recognize economic trends and conditions B Explain the concept of Gross Domestic Product Understand.

1 Introductory remarks European legislative initiatives Jerzy Pruski Bank Guarantee Fund Poland EFDI - IADI Conference Strengthening Financial Stability.

J.P.Morgan Chase S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L Crisis Response: Crisis Response: Different Aspects Different Aspects Dr.

SUOMEN PANKKI | FINLANDS BANK | BANK OF FINLAND Economic outlook 2011–2013 Euro & talous (Bank of Finland Bulletin) 5/2011 Governor Erkki Liikanen

New Zealand economic outlook Grant Spencer Reserve Bank of New Zealand September 2012 Eriksens Actuarial Auckland, 25 September 2012.

Euro Challenge 2013 Delegation of the European Union to the United States The euro crisis: an update.

The problematic natures of the EMU project Malcolm Sawyer University of Leeds.

Peter Bofinger University of Würzburg German Council of Economic Advisors.

C A U S E S International factors: -Increased Access to Capital at Low Interest Rates -Heavily borrow -Access to artificially cheap credit -Global finance.

1 Disclaimer The views expressed are my own and do not necessarily reflect official positions of the Federal Reserve Bank of St. Louis, or the Federal.

The European Monetary Union (the eurozone)

February 2009Prof. Rafi Melnick The Herzliya Conference The Economic Dimension 2009 Prof. Rafi Melnick Provost, Interdisciplinary Center (IDC) Herzliya.

Jim Maras Lead Relationship Manager February 2013.

Estonia Another crises country. Background and History Details of the relevant history, pertinent to its economic condition. Position of the.

Living With a Single Monetary Policy Germany. Living With a Single Monetary Policy The Problem: Economic Inequality Effect on Germany Potential Solutions.

The Stability and Growth Pact Frederick University 2013.

The Global Economy European Monetary Union. European Union Emerged from post-WWII Europe –ECSC meant to end wars between France and Germany Evolved into.

The European Union and the Euro Crisis Layna Mosley Dept. of Political Science UNC Chapel Hill

The Greek debt crisis Part of an ongoing Euro zone crisis Caused by the Global Economic Recession (Great Recession) in October 2008.

FEATURES OF ECONOMIC UNION Single market for persons, goods, services and capital High level of co-ordination of economic policy - esp. central control.

© RAINER MAURER, Pforzheim Prof. Dr. Rainer Maure Prof. Dr. Rainer Maurer Digression: The Eurozone Debt Crisis 2010.

Lessons from the East European Financial Crisis Anders Åslund Senior Fellow, Peterson Institute for International Economics, Washington, DC.

J.P.Morgan Chase IV ASTANA Economic Forum Astana, Kazakhstan May 3-4, 2011 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L The Global Economy:

Moldova’s Economy and IMF Program Tokhir Mirzoev, IMF Resident Representative January 2012.

Fixed Income Investing in a Rising Rate Environment Paul O’Brien.

The use of government spending and taxing to achieve economic growth, full employment and stable prices. FISCAL POLICY Chapter 15.

J.P.Morgan Chase S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L The Euro-Zone Crisis and the Global Economy Prof. Jacob A. Frenkel Chairman,

Government and the Economy Role of Government Money and Banking The Federal Reserve Government Finance.

FISCAL AND MONETARY POLICY How do policymakers use fiscal and monetary policy to stabilize the US economy?

AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE.

EIN seminar on 'Clues for a more competitive EU both internally and externally; a true internal market source of mobility and employment‘ Carlo ALTOMONTE.

Euro area economic situation and the foundations for growth Euro Summit 14 March 2013.

Fiscal Policy Chapter 15.

Wiener Institut für Internationale Wirtschaftsvergleiche The Vienna Institute for International Economic Studies Challenges of Real Convergence.

THE STRUCTURE OF TURKISH ECONOMY. Table of Content 1. Production Structure 2. Inflation 3. Labor Statistics 4. International Trade and BoP Statistics.

LESSONS THE U.S. CAN LEARN FROM JAPAN AND THE EUROZONE Presented by A.G. Malliaris THE TRANSFORMER ASSOCIATION SPRING MEETING Chicago, May 1, 2013.

The Levy Economics Institute of Bard College 1 GLOBAL IMBALANCES: The U.S. and the Rest of the World THE LEVY ECONOMICS INSTITUTE OF BARD COLLEGE.

AEGON Asset Management Olaf van den Heuvel Head of Tactical Asset Allocation CFA Forecasting dinner.

FISCAL AND MONETARY POLICY MIX Principles of Macroeconomics Lecture 8c.

THE EURO AND THE PROCESS OF DELEVERAGING IN THE EUROZONE Presented by A.G. Malliaris SOCIETY FOR POLICY MODELING Allied Social Science Associations Annual.

The Eurozone context Is there a proper identification of the crisis’ causes? Lucian Croitoru.

Prof. Angel Saz-Carranza Director, ESADEgeo The European Union and The Interlocking Economic Crises 1.

Economics Analysis of the choices people and governments make in allocating scarce resources Microeconomics Study of small economic units, such as individual.

American Government Unit Chapter 16: Financing Government IV. Fiscal and Monetary Policy.

The Euro Area Crisis: Origins, Prospects and Implications for the World Economy and Global Governance Domenico Lombardi UNLV, April 3, 2013.

The Eurozone after Stress Testing Charles Wyplosz The Graduate Institute, Geneva The Israeli Association for the Study of European Integration Annual Conference.

DNB workshop on Macroeconomic Imbalances in the Euro Area 13/14 October 2011 Jeroen Hessel Senior Economist De Nederlandsche Bank Comments on Amtenbrink.

Creating a Eurozone that works

Outline Economic background Outlook IMF program.

The Greek disaster and the future of the EMU

BULGARIA – ECONOMIC PERSPECTIVES

Joaquin A. Cottani 13 November 2014 – Sao Paulo

Witold M.Orłowski Chief Economic Advisor, PwC Polska June 28, 2017

Sovereign debt and multiple equilibria

Is the Eurozone Recovering?

Presentation transcript:

1 The Eurozone Crisis: Causes and Solutions Klaas Knot President, De Nederlandsche Bank Asia Society, Hongkong 15 October 2012

2 The eurozone and the global economy

3 European debt crisis

4 Some convergence prior to the crisis... Cumulative growth differentials with Germany

5 … but with borrowed money … Average annual growth rate of credit to private sector:

6 … and accompanied by inflation… Cumulative differentials compared to EMU total :

7 …reflecting wage developments

8 Current account balance percent of GDP

9 Governments went back to old habits Start EMU Budget deficits (% Gdp) Improvements in the run-up to EMU but relapse after admission

10 “ On/off ” market discipline

11 A stable design of EMU Strengthening growth potential and competitiveness Politically independent enforcement of the fiscal rules, guarding the debt ceiling of 60% European supervision, resolution and DGS Eurobonds as the capstone of EMU?