Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212252 
Year of Publication: 
2013
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 12/2013
Publisher: 
Bank of Finland, Helsinki
Abstract: 
The paper provides an overview of the sovereign debt crisis. I first consider the build-up of the crisis.I then discuss policy choices when a financial crisis erupts and assess the adjustment processes in the crisis countries, including alternatives to policies of austerity. Finally I take up institutional improvements that can help in resolving the current crisis and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related institutional rules. Current high levels of public and private debt together with still weak bank balance sheets are a major unsolved problem. Publication
Subjects: 
financial crisis
sovereign debt
European integration
E62
E65
F36
Seppo Honkapohja
JEL: 
E62
E65
F36
Persistent Identifier of the first edition: 
ISBN: 
978-952-6699-23-3
Document Type: 
Working Paper

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