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Description This report examines the EU responses to the financial crisis through changes to the financial regulatory structure at the EU level as well as the member country level. Physical Description 23 pages. Who People and organizations associated with either the creation of this report or its content. Author Eubanks, Walter W. Specialist in Financial Economics. Publisher Library of Congress. About Browse this Partner. What Descriptive information to help identify this report. Identifier Unique identifying numbers for this report in the Digital Library or other systems.
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Economic crisis in Europe: Cause, consequences, and responses | VOX, CEPR Policy Portal
Digital Files 1 file. When Dates and time periods associated with this report. So are America's, which is why bond yields will remain low in what is still, for the time being, the world's biggest economy. Whatever it means for financial markets this week, 5 August will be remembered as the day when US hegemony was lost.
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All this is terrible news for Barack Obama. He has not delivered economic recovery. The US is drowning in negative equity and foreclosed homes. No president since Roosevelt has won an election with unemployment as high as it is today. Fiscal policy will be tightened over the coming months as tax breaks expire and public spending is cut. The Federal Reserve only has the blunt instrument of QE with which to stimulate the economy, and will only be able to deploy it after a softening up process for the markets that will take several months.
On top of that, Obama will now be branded as the president who presided over the national humiliation of a debt downgrade. Not that the Europeans should get too smug about this, because what we are witnessing is not just the decline of the US but the decline of the west.
One response to last week's meltdown was the announcement of talks between the G7 — the US, the UK, Germany, Italy, France, Canada and Japan — but while this would have been appropriate 20 years ago it is not going to calm markets today. Holding a G7 meeting without China today is like expecting the League of Nations without the US to tackle totalitarianism in the s. There is no happy ending to this story. At best there will be a long period of weak growth and high unemployment as individuals and banks pay down the excessive levels of debt accumulated in the bubble years.
At worst, the global economy will be plunged back into recession next year as the US goes backwards and the euro comes apart at the seams. The second, gloomier scenario, looks a lot more likely now than it did a week ago. Because there is no international co-operation. There are plans for austerity but no plans for growth. Even countries that could borrow money for fiscal stimulus packages reluctant to do so.
Europe lacks the political will to force the pace of integration necessary to avoid disintegration of the single currency.
Global financial crisis: five key stages 2007-2011
Commodity prices are coming down, but that is the only good news. We are less than halfway through the crisis that began on 9 August That crisis has just entered a dangerous new phase. Order by newest oldest recommendations.
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