01 października 2011

CIB Natixis - kto jest winy obecnemu kryzysowi w strefie euro?

Who is to blame for the sovereign debt crisis in the euro zone? A number of actors are to blame for the current sovereign debt crisis in the euro zone: - those who defined the euro-zone institutions; a situation with a large number of sovereign issuers generates instability, even if there is serious supervision of economic policies, because of the normal heterogeneity in currency areas. Instead of creating rules such as no solidarity and no bail-out, common issuance for countries should have been implemented. It is interesting to see the number of those who created the current institutions who now advocate a single ministry of finance for the euro zone, and "eurobonds"; - governments in countries for which euro-zone membership implied a sharp fall in interest rates, and who did nothing to prevent this from leading to a real estate price bubble and a crisis of excessive indebtedness; the ECB which was pleased about the fact that their interest rates converged towards the lowest - i.e. German - interest rates; - European banking regulators, who required the banks - and still require them - to hold large portfolios of government securities, as a reserve of liquid and risk-free assets; this generated the correlation between sovereign risk and banking risk, which is destructive in the present situation - investors and banks, which bought all euro-zone public debts at more or less the same interest rate until 2007, eliminating the risk premia on the most risky debts, while believing that there was no reason to take the no bail-out clause seriously. Scribd: link klik

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