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1、,EUROPEAN DEBT CRISIS,-熊慧楠-陈辰-魏永双-乔小桐-崔肖娜-裴婷婷 金融五班,RUROPEAN DEBT CRISIS,phenonmenon,causes,suggestions,Summing-up,Lots of shops were at risk of closure,youth unemployment in Europe continues to rise,The volume of exports were falling in china,startThe Euro zone sovereign debt crisis broke out in lat
2、e 2009 as some conservative investors began worrying about European states ability to pay,and reached the peak in early 2010.,1、property bubble were transferred to sovereign debt2、banking system bailouts and government responses to slowing economies post-bubble,The European sovereign debt crisis beg
3、ins in Greece,and later spread to Italy，Portugal,and Spain.,GreeceItaly IrelandPotugalSpain,（PIIGSthe five countries above is also called PIIGS,which have the most risky governmental debt）,spread,Causes Analysis,Euro Zone Policy SystemLarge Budget Deficit2008 Global Financial Crisis,Institutional de
4、fect of Euro Zonethe duality of fiscal and monetary policythe layer of decision-making mechanism,Euro Zone Policy System,Huge Gap in Euro Zone Huge gap in regard to the volume of the economy exist between large countries and small countries,such as exchange rate and interest rate.,Euro Zone Policy S
5、ystem,10-year government bond interest rate spread between five countries and German,Euro Zone Policy System,Euro Zone Policy System,Undesirable Regulation of Euro ZoneHiding Real Debt Amount Regulation of government spending,Large Budget Deficit,Over-using debt financing for development of economic
6、s and keeping high quality of life make these countries face high default exposures.,Large Budget Deficit,2008 Global Financial Crisis,Short-Term suggestions1).bailout package2).debt write-off and restructuringLong-term suggestions1).integration of euro zone2).regulation of government debt3).economi
7、c growth,Suggestion,Short-Term suggestions1).bailout package,2).debt write-off and restructuring,The European Central Bank and IMF should offer bailout package to the countries in serious sovereign debt trouble like Greece and Ireland.,Long-term suggestions1).integration of euro zone,The Euro zone s
8、hould rebuild its fiscal system,which would coordinate the fiscal policy in each country soundly.,2).regulation of government debt,The Euro zone should strengthen the regulation of government fiscal deficit.,3).economic growth,The real solution to the debt crisis is economic growth.,What part did Ch
9、ina play in European debt crisis?,Chinas Foreign Ministry and Ministry of Commerce both expressed support for the beleaguered euro zone.,First,China bought more bonds from multilateral institutions,including euro bonds.(EFSF)Second,China encouraged domestic enterprises to expand in Europe,Third,Chin
10、a increased the weight of the euro in the RMBs currency basket.,Steps of the euro crisis,24,Cheap credit,Higher spending,Mounting debt,Spending cuts,Higher unemployment,25,Did the austerity and endless series of emergency meetings make a difference,brutal adjustments,a massive write down of public d
11、ebt,economists are caught up in some fierce arguments over the issue,26,OR,There is a long way to go,good news,bad news,1.both consumer and business confidence is falling in Europe,2.the draconian measures often in the face ofmass protests,1.unit labor costs have been dropping sharply 2.the current account deficit narrowed sharply,27,
