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Essay代写:The European debt crisis

2018-09-14 | 来源:51due教员组 | 类别:Essay代写范文

下面为大家整理一篇优秀的essay代写范文- The European debt crisis,供大家参考学习,这篇论文讨论了欧债危机。在全球化的今天,世界各大经济体的联动性加强了许多。在欧洲债务危机爆发后,其命运牵动着世界各国的经济神经。欧洲债务危机是源于欧洲主权国家由于债务问题导致的主权信用危机。在美国爆发次贷危机后,欧洲各国为提振经济避免衰退,纷纷采取了扩张性的财政政策,大举借债。这使得那些原先就债台高筑的欧洲国家雪上加霜,债务负担积重难返,最终导致了债务危机。

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In today's globalization, the world's major economies are more interconnected. After the European debt crisis broke out, its fate affected the economic nerve of the world. In the context of the European debt crisis, this paper takes Greece as an example to analyze the causes of the Greek debt crisis, the measures taken by the European Union and the European central bank in the face of the debt crisis and the evaluation of these measures.

The European debt crisis is originated from the sovereign credit crisis of European countries due to their debt problems. After the us subprime crisis in 2007, European countries adopted expansionary fiscal policies and borrowed heavily to boost their economies to avoid recession. This made the debt burden of Europe's already heavily indebted countries worse, and eventually led to the debt crisis.

The first phase of Europe's debt crisis is the Icelandic crisis. In October 2008, Iceland's three largest Banks were insolvent and in trouble, and were taken over by the Icelandic government. The bank debt rose to sovereign debt. Then came the second phase, the eastern European debt crisis. In early 2009, moody's, the international rating agency, triggered debt problems in central and eastern Europe by downgrading Ukraine. The third phase is the Greek debt crisis. Starting from the Greek debt crisis, the sovereign debt crisis is getting worse and gradually spread to Spain, Belgium and Italy.

Greece's debt crisis is fundamentally due to a lack of internal economic momentum. Greece relies on tourism and traditional manufacturing for growth. Greece's tourism industry has been hit hard by the global financial crisis. However, the traditional manufacturing industry is affected by the world's scientific and technological wave, so it cannot make huge profits like the high-tech industry and continuously promote the development of the Greek economy. Sluggish growth has cut Greece's revenues and made it less solvent. In this case, the debt crisis is likely even if Greek government spending is at a slower growth rate.

In 2007, the financial crisis broke out in the United States and spread to the world rapidly. In order to cushion the impact of the financial crisis on the domestic economy, many European countries adopted expansionary fiscal policies, increased government spending and even blindly borrowed money to expand the fiscal deficit. Blind borrowing led to a severe imbalance in the ratio of Greek debt to GDP. At the time of the crisis, Greece's debt-to-gdp ratio was nearly 160 per cent, well above the Maastricht treaty's safety standards. An unbalanced ratio of debt to GDP increases the likelihood of a debt crisis.

Developed Europe has long been known for its high welfare state, and while Greece's welfare spending as a share of GDP is below the eu average, it is far higher than the rest of the world. In Greece, the economic recession, the rapid rise of domestic unemployment rate led to the increase of unemployment insurance expenditure, and there was not enough national financial support to maintain the high welfare, further aggravating the financial burden. In the long run, once the situation worsens, the crisis will inevitably break out.

Countries in the euro area abandoned independent monetary policies in order to achieve a common currency and free flow of capital. Since its founding, the European central bank, led by Germany, has made controlling inflation a top target, keeping inflation below 2%, so monetary policy is less flexible. And because the eu's economic development level differences, such as Germany's robust economic development, don't need to stimulate economic policies, and some small countries in the euro area, need through expansionary policies to support domestic economic growth, this makes it hard for the ECB formulate corresponding policies and meet the needs of the economic development of all countries. Therefore, when countries in the euro area encounter economic problems, they cannot adopt corresponding monetary policies, so they have to turn to fiscal policies. Greece, for example, ran a current-account deficit from 2003 to 2007, but could not improve it by devaluing its own exports to curb imports. Another example is that Greece cannot reduce the size of its debt and alleviate its debt crisis through the devaluation of its currency. Thus, the government has to further expand the fiscal deficit to stimulate the economy, increased the possibility of a debt crisis. Worse, when monetary and fiscal policy have the opposite effect, it is harder for the government to achieve its economic goals. Because the euro zone does not have a sovereign political entity to guarantee the debt of countries in crisis, a bailout is hard to come by when a default occurs.

In July 2012, the European Union began to use ESM as the main financing tool for new projects, and maintained stability through the DE facto financial rescue of eurozone countries. At the same time, European Union member states also offered special aid to Greece, for example, cutting the interest rate on Greek loans by 150 basis points. The measures are expected to keep Greece's debt-to-gdp ratio between 117% and 120.5% by 2020.

The ECB has also taken a series of measures. The first is to operate in the open market, buying treasuries and private bonds, expanding the money supply and easing the debt crisis. The second is the acceptance of both existing and new debt instruments, regardless of the sovereign rating status of the Greek government. There are also loans to European Banks through long-term refinancing operations, the largest of which is made by Greek, Irish, Italian and Spanish Banks.

From the European Union and the European central bank's solution measures, the main focus is to solve Greece's solvency crisis or liquidity crisis. These measures can only solve the debt crisis on the surface or temporarily, and cannot fundamentally prevent the delay or recurrence of the debt crisis. As far as Greece is concerned, the solution to the debt crisis is fundamentally to promote economic development and pay attention to the quality and efficiency of economic development. The government can stimulate the economy by increasing government purchases or investment subsidies, but spending and debt issuance should be stopped just enough to keep debt to a manageable size. Second, the government could encourage greeks to change their consumption and saving habits and increase savings and reduce consumption, which would help reduce the deficit and balance the trade deficit. Thirdly, reduce welfare expenditure appropriately and reduce the financial burden of the government. Without adequate income security and high welfare benefits, it would be irrational to obtain them only through unrealistic borrowing. Finally, we should carry out economic restructuring, improve export industries, increase profits and reduce trade deficit. In the case of the euro zone, the regulation of member countries should be strengthened first, and the principle of strict debt limit and ratio should be strictly implemented, so as to reduce the possibility of debt crisis. For the euro area to face the impossible triangle caused by the inability to reduce the debt burden through currency depreciation should establish a corresponding mechanism to ease its contradictions. Finally, the European central bank should draw lessons from the crisis and set up a crisis response mechanism in order to give early warning of the crisis and take effective measures to resolve the crisis in a timely manner. At the same time, we will carry out financial system innovation to ensure the smooth operation of the economy.

Of course, there are many reasons for the Greek debt crisis besides the aforementioned sluggish economic development, the impact of the 2007 financial crisis and the institutional problems in the eurozone. Nor is the solution to Greece's debt crisis limited to that statement. As for Greece's future trend, it should consider not only its macro monetary and fiscal policies, but also its political and cultural factors, so as to predict the development of European debt crisis more reasonably.

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