Since 2010
Adidas Yeezy Italia , the three major rating agencies have cut global Greece, Ireland, Portugal, Italy, Spain, sovereign credit ratings, the European sovereign debt crisis surfaced. April 23, 2010, Greece formally apply for assistance from the EU and the IMF
Yeezy Boost Scontate , the EU had launched 110,000,000,000 euros rescue mechanism. This is the first time in 11 years the establishment of the euro area member states relief mechanism is enabled. December 16, the EU summit decided to establish a permanent relief mechanism, showing that the maintenance of economic stability in the euro area determination.
European sovereign debt crisis, the surface under the impact of the international financial crisis, the product of the weak economic recovery in Europe, in fact
Yeezy Boost Italia , this risk has been hidden for many years. Euro area core countries and peripheral countries the imbalance of economic development and the country's own economic structure and external defects, is caused by the root causes of the crisis.
As one of the core euro zone, Germany, occupies a pivotal position in the euro area. Germany is the world exporting countries, total exports in 2009 reached 1.5 trillion U.S. dollars. However, the German long-term shortage of domestic demand, excess supply needs access to foreign markets through exports to digest manner, the euro zone is precisely the periphery of their traditional export markets. In addition, the German residents in the high savings rates in developed countries
Scarpe Adidas Yeezy Boost 700 V2 Vanta Italia Uomo , the German bank in the hands of the funds are not in the country to find suitable investment opportunities, they put money loaned to Spain, Greece, Ireland and other countries outside the euro zone. According to BIS statistics, German, French banks were held in Greece, Portugal and Spain 90% of the debt (including corporate bonds and sovereign debt). Euro area peripheral countries continue to flock to the capital to bring these countries not only employment opportunities and economic growth, but also cover up their "high deficit, high debt
Scarpe Adidas Yeezy 700 Mauve Italia Uomo , low labor productivity, economic structure, a single, weak export competitiveness," the defects. However, under the influence of the international financial crisis, as exports, real estate or financial and other pillar industries suffered a severe blow, Greece and other countries into deep recession
Scarpe Adidas Yeezy Wave Runner 700 Triple Black Italia Uomo , the economic fundamentals can no longer afford the huge foreign debt, the euro zone economic imbalances finally in the form of sovereign debt crisis erupted.
European financial governance framework is the debt crisis of the inconsistent important reason to upgrade. EU is not the world's regions with the highest debt ratio. In 2009, the EU's overall GDP and the U.S. equivalent, but the U.S. government debt to 1.4 trillion total ranks first in the world; and Japanese government debt accounted for in GDP in 2009 or even 195%. Although the two countries and therefore sovereign credit challenged, but did not cause panic in the market and the debt crisis. The reason why the Greek debt crisis escalated, intensified, because it exposed the inherent weakness of the euro area of mechanism design --- a lack of uniform financial governance framework. Euro zone countries to use the same currency, a unified monetary policy, fiscal policy was not uniform. European Central Bank more independent
Scarpe Adidas Yeezy Boost 650 Nere Uomo Italia , but lack flexibility, "one size fits all" monetary policy greatly limits the members of the crisis, the ability of regulating the economy. In fiscal policy, "Stability and Growth Pact," asked its members shall not exceed the level of fiscal deficit to 3% of GDP, debt levels should not exceed 60% of GDP. Therefore, in crisis situations is considered the most effective way to avoid a serious downturn in public expenditure policy, within the framework of the EU is severely constrained to live. Plus the European Union to "the principle of subsidiarity" (the EU Member States not involved in the policy as far as possible) as the basic operating principles, and no discretion to apply the region to establish a "common financial resources"
Scarpe Adidas Yeezy Boost 550 Uomo Grigie Italia , so that once Member States economic crisis, governments may not do not use deficit financing to deal with, increasing the government debt burden. Members of their own way on fiscal policy, the core countries on the periphery has also led to attitudes of State aid hesitation, exacerbated the market panic, making the crisis escalating.
European debt crisis on the inherent weaknesses of the EU governance framework of the proposed warning. September 2010, the EU introduced in 2011 proposed "European semester" this area of fiscal policy coordination mechanism, so that the financial position of the EU member states know what, early detection of possible problems and urge relevant countries to correct . December 16
Scarpe Adidas Yeezy Boost 550 Uomo Nere Italia , 2010, the EU summit decided to "Lisbon Treaty" to add some content, that the euro area member states will create a "European stability mechanism" permanent relief mechanism for maintaining the stability of the euro area; Secondly, Member States will accept the assistance of the stringent conditions attached. This is to improve the coordination of EU budget has laid a legal basis for the preliminary.>A-level Distance learning: Facilitating students to study from their home!
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