Ekonomické souvislosti dosavadního managementu euro-krize
Economic Context Of Present Euro - Crisis Management

Summary/Abstract: Since spring 2010, when the European crisis began in budgetary undisciplined Greece, three other countries (Ireland, Portugal, Spain) requested financial assistance from the European Union and the IMF. The way how the crisis started contributed to the fact that Europe perceives the problems in peripheral economies to be primarily of fiscal nature. However, a deeper analysis shows that fiscal problems are in many cases only secondary. The study demonstrates that the main difficulty lies in increasing differences in the level of competitiveness and the overall balance of payments deficits. In most cases, the public sector deficits in peripheral economies represent only a secondary symptom of a deeper crisis. In the light of above mentioned it is appropriate to ask whether the current response of key policy makers – the European Council, the European Commission, the European Central Bank and national governments – is appropriate. This contribution underlines that too much pressure on budgetary discipline in the spirit of the new tax agreements may be counterproductive and misleading.

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