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Debt Crisis Problem in the Euro Zone and Some Suggestions

Baki DEMİREL, Gülen ELMAS ARSLAN.

Abstract
Financial crisis based on the U.S. Sub-prime mortgage market problems affects the euro zone members from different aspects. The crisis affects Austria and Ireland through problems in the financial system; Portugal and Spain through the housing sector problems and external deficit; and Italy and Greece through the twin crises problem the external deficit and the budget deficit. Asymmetry problem showing different effects of the crisis in each country has also brought the policy mismatch for The Euro Zone. Especially, fiscal discipline issue and the lack of financial integration (fiscal federalism) in the Euro-zone are the main axis of the discussion made on impacts and solutions of the crisis. The double-headed structure
between the currency-exchange rate and fiscal policies shaped by the Maastricht Treaty exhibits a situation that threatens the continuity of the Euro Zone thereby deepening effects of the crisis. Recommendations for solution developed in the literature against this threat can be grouped under the titles of "Political unity, the European Monetary Fund and the Euro Bond". The aims of this study are to evaluate the Euro-zone crisis within the frame above and debate the ways of solution offered against the crisis.

Key words: Debt Crisis of Euro Zone, PIIGS Countries, Financial Crises. JEL Classification: E52, E58, F15, F33.



EURO BÖLGESİNDE BORÇ KRİZİ SORUNU VE ÇÖZÜM ÖNERİLERİ

Özet
ABD Sub-prime mortgage piyasasındaki (alt dilim konut edinme kredisi işlem piyasası) sorunlardan kaynaklanan finansal kriz Euro Bölgesi üyelerini farklı kanallarla etkilemektedir. Kriz; Avusturya, İrlanda, gibi ülkeleri finansal sistemdeki sorunlarla, Portekiz ve İspanya’yı konut sektörü ve dış açıkla, İtalya ve Yunanistan’ı ise bütçe açığı ve dış açığın yol açtığı ikiz açık sorunu ile etkilemiştir. Krizin her bir ülkede farklı etkiler göstermesi biçiminde açıklanabilecek asimetri sorunu beraberinde politika uyumsuzluğunu da getirmiştir. Özellikle mali disiplin sorunu ve Euro Bölgesi içinde mali bütünleşmenin (fiscal federalizm) olmaması, krizin etkileri ve çözüm önerileri üzerine literatürde yapılan tartışmanın ana eksenini oluşturmaktadır. Öte yandan bir başka temel sorun da üye ülkeler arasındaki kronik dış açık ya da fazla sorununun devam etmesidir. Maastricht Anlaşmasında şekillenen para-kur ve maliye politikaları arasındaki çift başlı yapı, krizin etkilerini derinleştirerek Euro Bölgesinin devamlılığını tehdit eden bir durum arz etmektedir. Bu tehdide karşı literatürde geliştirilen çözüm önerileri “Politik Birlik, Avrupa Para Fonu ve Euro Bond” başlıkları altında toplanmaktadır. Bu çalışmanın amacı, yukarıda çerçevesi çizilen Euro Bölgesi krizini değerlendirmek ve krize karşı önerilen çözüm yollarını tartışmaktır.

Anahtar Kelimeler: Euro Bölgesi Borç Krizi, PIIGS Ülkeleri. JEL Sınıflaması: E52, E58, F15, F33.


 
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How to Cite this Article
Pubmed Style

DEMIREL B, ARSLAN GE. [Debt Crisis Problem in the Euro Zone and Some Suggestions]. Ekonomik Yaklasim. 2012; 23(Special): 107-132. Turkish. doi:10.5455/ey.20009



Web Style

DEMIREL B, ARSLAN GE. [Debt Crisis Problem in the Euro Zone and Some Suggestions]. www.scopemed.org/?mno=34390 [Access: October 21, 2017]. Turkish. doi:10.5455/ey.20009



AMA (American Medical Association) Style

DEMIREL B, ARSLAN GE. [Debt Crisis Problem in the Euro Zone and Some Suggestions]. Ekonomik Yaklasim. 2012; 23(Special): 107-132. Turkish. doi:10.5455/ey.20009



Vancouver/ICMJE Style

DEMIREL B, ARSLAN GE. [Debt Crisis Problem in the Euro Zone and Some Suggestions]. Ekonomik Yaklasim. (2012), [cited October 21, 2017]; 23(Special): 107-132. Turkish. doi:10.5455/ey.20009



Harvard Style

DEMIREL, B. & ARSLAN, G. E. (2012) [Debt Crisis Problem in the Euro Zone and Some Suggestions]. Ekonomik Yaklasim, 23 (Special), 107-132. Turkish. doi:10.5455/ey.20009



Turabian Style

DEMIREL, Baki, and Gulen ELMAS ARSLAN. 2012. [Debt Crisis Problem in the Euro Zone and Some Suggestions]. Ekonomik Yaklasim, 23 (Special), 107-132. Turkish. doi:10.5455/ey.20009



Chicago Style

DEMIREL, Baki, and Gulen ELMAS ARSLAN. "[Debt Crisis Problem in the Euro Zone and Some Suggestions]." Ekonomik Yaklasim 23 (2012), 107-132. Turkish. doi:10.5455/ey.20009



MLA (The Modern Language Association) Style

DEMIREL, Baki, and Gulen ELMAS ARSLAN. "[Debt Crisis Problem in the Euro Zone and Some Suggestions]." Ekonomik Yaklasim 23.Special (2012), 107-132. Print.Turkish. doi:10.5455/ey.20009



APA (American Psychological Association) Style

DEMIREL, B. & ARSLAN, G. E. (2012) [Debt Crisis Problem in the Euro Zone and Some Suggestions]. Ekonomik Yaklasim, 23 (Special), 107-132. Turkish. doi:10.5455/ey.20009



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