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The following article was published in our article directory on December 3, 2010.
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Euro Debt Crisis Make Unified Monetary Obstruction

Article Category: Business

Author Name: xia zihui

Two years ago the Wall Street financial crisis triggered by the global economic recession is still hanging over large parts of the world, the famous Tolstoy, it can be extended to the country's destiny: "The successful recovery of the countries are similar, and still deep economic crisis the country each have their own problems and troubles. "

Especially in the ensuing financial crisis in Europe, the most successful recovery into the development of steady speed in Germany, its economic structure and economic success in Asia is very similar in common: a strong manufacturing sector and the national high savings rate.

In contrast, the most serious economic crisis in Europe, several countries from the debt crisis erupted in early Greece, and recently forced to accept the Irish EU rescue package, then widely considered a debt under the "volcano" of Spain, although all in serious The financial crisis that requires a large international loan assistance, but have their own quite different source of the problem.

The first international assistance to the Greek, the root of the crisis are long-term uncontrolled social welfare, resulting in loss of control of public expenditure, the state tax system is extremely imperfect, national tax evasion was rampant. The most famous example is the "New York Times" reported: in the Athens suburb of the rich areas, satellite photos can be seen nearly 17,000 homes have swimming pools, but only 324 people in recognition of personal tax with swimming pool, concealment of property evident. No wonder the government deficits, debt.

Recently forced to accept EU aid Ireland, the last twenty years of rapid economic development in Europe "model", per capita income from the second to last in Europe to catch up, until more than the UK, hence the Celtic Tiger reputation. In this process, the Irish government live within its means, has maintained a low public debt.

As an English-speaking countries, however, follow the example of Ireland, Anglo-American "Anglo-mode", emphasizing the financial industry and services, the continuous relaxation of controls on banks, letting them large sums involved in a variety of high-risk speculation in the financial tsunami and the real estate bubble burst can not extricate themselves. At this time the Irish government to rescue the market, once announced by the Government to guarantee all private bank. The failure of these banks huge debt speculation, so overnight as taxpayers, sudden expansion of Ireland's national debt, government budget deficit reached 32% of GDP, exceeding the eurozone ceiling of 3% required more than 10 times, leading to the current debt crisis.

Monetary Unification in Unity to undermine the political

Look at the next euro debt "time bomb" - Spain. Over the past ten years, there classes in Ireland, Spain's rapid economic development, government spending surplus for many years, in 2007 the accumulated public debt-GDP ratio is only half of Germany. At the same time the Government has maintained a relatively strict on the control of banking and finance, and no level of bank debt crisis of Ireland.

The root of Spain's economic crisis is the period of rapid growth and adoption of the euro after the substantial increase in inflation and wages, reducing the country's economic competitiveness, there has been a large trade deficit trade. The global economic slowdown and domestic real estate bubble burst, the unemployment rate soared this year, actually more than 20% in October, ranking first in the euro area, resulting sudden increase in government expenditure and revenue plummeted, seeing as the next EU must help a Zhongzai Hu.

The three "each have their own misfortune" examples, highlighting the unity of the euro area in the belief, there are significant economic, political and cultural regional differences. Period of steady development, the economic growth to varying degrees, and cover up these regional differences, making it only the benefits of attention to the euro.

However, in today's global recession under the superficial differences between euro zone countries, and highlight the negative euro: Although each member of the special conditions still have political sovereignty, but lost need to be adjusted according to their monetary sovereignty. Nobel laureate in economics Paul Krugman has sharply pointed out recently: can no longer adopt the euro as the Spanish, like English and American, through currency depreciation to improve economic competitiveness, but more painful and time-consuming to be adopted "internal devaluation" to alleviate the economic crisis.

So come one after another debt crisis in Europe, it represents a paradox of the euro area: walking in the political currency of the unified front the unified, stable period of development is a product of Europe in the global economic downturn today, a serious and sustainable of the doubt.

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