EuroMemorandum 2010/2011 / Walter Baier 

Public ISBD Titre : EuroMemorandum 2010/2011 : Confronting the Crisis: Austerity or Solidarity Type de document : texte imprimé Auteurs : Walter Baier, Auteur Editeur : Transform! Année de publication : 2011 Importance : 88 p Note générale : 09.05 BAI Langues : Anglais (eng) Catégories : Alternatives Europe Tags : Crise financière  Austérité  Europe Index. décimale : 09.05 Europe Résumé : Economic growth resumed in the EU in the second half of 2009 but output in 2010 was below precrisis levels and the financial system remains fragile. Following the financial crisis and the subsequent economic crisis, EU states have been faced with rising fiscal deficits as a result of the cost of rescue packages for the financial sector, expansionary fiscal policies and lost tax revenue. The failure of the EU to respond promptly to Greek difficulties in refinancing its public debt led to speculation against the euro and created a crisis atmosphere in which first Greece and then Spain and Portugal were forced to introduce severe austerity programmes. At the end of the year Ireland, which had introduced a severe austerity programme in 2009, was forced to agree to an even more severe programme in return for financial support from the eurozone’s Financial Stability Facility. The difficulties in peripheral European countries are linked to a growing polarisation in the EU, especially the eurozone. Germany has for over ten years followed a policy of low wage growth and built up a large current account surplus. The peripheral eurozone countries, by contrast, have run up large current account deficits and are being forced to eliminate these deficits through adopting policies of deflation. It will be impossible to increase output and reduce unemployment in the EU without addressing these imbalances. Ultimately, the weakness of the deficit countries will hold back the surplus countries and a continuation of current policies will threaten deflation and risk a breakup of the eurozone. EuroMemorandum 2010/2011 : Confronting the Crisis: Austerity or Solidarity [texte imprimé] / Walter Baier, Auteur . - [S.l.] : Transform!, 2011 . - 88 p. 09.05 BAI Langues : Anglais (eng) Catégories : Alternatives Europe Tags : Crise financière  Austérité  Europe Index. décimale : 09.05 Europe Résumé : Economic growth resumed in the EU in the second half of 2009 but output in 2010 was below precrisis levels and the financial system remains fragile. Following the financial crisis and the subsequent economic crisis, EU states have been faced with rising fiscal deficits as a result of the cost of rescue packages for the financial sector, expansionary fiscal policies and lost tax revenue. The failure of the EU to respond promptly to Greek difficulties in refinancing its public debt led to speculation against the euro and created a crisis atmosphere in which first Greece and then Spain and Portugal were forced to introduce severe austerity programmes. At the end of the year Ireland, which had introduced a severe austerity programme in 2009, was forced to agree to an even more severe programme in return for financial support from the eurozone’s Financial Stability Facility. The difficulties in peripheral European countries are linked to a growing polarisation in the EU, especially the eurozone. Germany has for over ten years followed a policy of low wage growth and built up a large current account surplus. The peripheral eurozone countries, by contrast, have run up large current account deficits and are being forced to eliminate these deficits through adopting policies of deflation. It will be impossible to increase output and reduce unemployment in the EU without addressing these imbalances. Ultimately, the weakness of the deficit countries will hold back the surplus countries and a continuation of current policies will threaten deflation and risk a breakup of the eurozone.

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