Open AccessSovereign debt crisis of the Eurozone countries
Author(s) -
Sławomir Miklaszewicz
Publication year - 2016
Publication title -
oeconomia copernicana
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.59
H-Index - 13
eISSN - 2353-1827
pISSN - 2083-1277
DOI - 10.12775/oec.2016.021
Subject(s) - european debt crisis , market liquidity , position (finance) , economics , financial system , financial crisis , debt , debt crisis , international economics , internal debt , economic policy , european union , business , monetary economics , european integration , finance , macroeconomics
The aim of the publication is to examine the fiscal position of the euro area countries and fiscal policy architecture in Europe after the outbreak of the financial and economic crisis started in 2008. The first part of the publication consists of the analyses of the budgetary situation of euro area countries and complications with the increasing costs of servicing the public debt in the European market affected by the financial liquidity crisis. In the second section the most important changes in the framework of budgetary policies coordination process in the euro zone are presented. The final section describes the role and activities of the European Central Bank in minimising the negative consequences of the debt crisis in the euro zone.