Determinant of Debt Crisis in EU and the Recovery Efforts

International Journal of Social Sciences and Humanity Studies, Vol. 4, No. 2, pp. 343-354, December 2012

12 Pages Posted: 25 Dec 2012

See all articles by Osman Nuri Aras

Osman Nuri Aras

Nile University of Nigeria

Mustafa Öztürk

International Trade

Filiz Kadı

Fatih University-Department of Economics

Date Written: December 25, 2012

Abstract

European Union has taken economic and financial measures to cope with the debt crises erupted in 2009. These measures can be summarized as putting in place a bail-out mechanism and austerity measures, strengthening economic policy coordination, setting up 'Stability and Growth Pact III' and the establishment of a system of macro-economic surveillance, introducing the 'Euro Plus Pact' for closer economic coordination of euro-zone countries and the establishment of a permanent European Stability Mechanism (ESM). Will the European Union be able to master the debt crises? To answer this question, we will examine the economic and financial determinants of the crises. Moreover we will discuss how effective the economic and financial measures taken for the recovery of EU countries.

Keywords: debt, debt crisis, managing the crisis, European Union, member states, macroeconomic stabilisation

JEL Classification: E62, E630, F550, H630

Suggested Citation

Aras, Osman Nuri and Öztürk, Mustafa and Kadı, Filiz, Determinant of Debt Crisis in EU and the Recovery Efforts (December 25, 2012). International Journal of Social Sciences and Humanity Studies, Vol. 4, No. 2, pp. 343-354, December 2012. Available at SSRN: https://ssrn.com/abstract=2193688

Osman Nuri Aras (Contact Author)

Nile University of Nigeria ( email )

Abuja
Nigeria

Mustafa Öztürk

International Trade

Istanbul
Turkey

Filiz Kadı

Fatih University-Department of Economics ( email )

Istanbul
Turkey

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