PL EN


2017 | 4(46) | 58-74
Article title

How to solve the sovereign debt crisis in the euro area?

Authors
Title variants
PL
Jak rozwiązać kryzys zadłużenia publicznego w strefie euro?
Languages of publication
EN
Abstracts
EN
The sovereign debt crisis in the euro area (EA) highlighted shortcomings of its institutional framework – establishment of a monetary union without a central fiscal policy. Although the economic governance in the EA was substantially reformed in the aftermath of the crisis to address its weaknesses, further reforms including some elements of fiscal union are needed to increase resilience of the Economic and Monetary Union to shocks and prevent emergence of economic and financial distress in the future. Based on the theory of fiscal federalism, the article analyses potential institutional reforms aimed at solving the sovereign debt crisis in the EA and indicates which proposals are desired and possible to implement. The research method used is a descriptive analysis of reforms proposed in the literature. In the article, the following reform proposals were assessed: the Debt Redemption Fund, European bonds, assigning the European Central Bank the role of the lender of last resort and a fiscal union with an EA fiscal capacity.
PL
Kryzys zadłużenia publicznego występujący w strefie euro uwidocznił niedoskonałości w jej konstrukcji instytucjonalnej. Strefa euro to unia monetarna bez centralnej polityki fiskalnej. Mimo że w następstwie kryzysu zarządzanie gospodarcze w strefie euro zostało gruntownie zreformowane i wzmocnione, konieczne są dalsze reformy, w tym wprowadzenie elementów unii fiskalnej, by wzmocnić jej odporność na wstrząsy gospodarcze i zapobiec potencjalnym trudnościom gospodarczym i finansowym w przyszłości. Bazując na teorii federalizmu fiskalnego, w artykule przeanalizowano reformy instytucjonalne mające na celu rozwiązanie kryzysu zadłużenia publicznego występującego w strefie euro i wskazano, które reformy są najbardziej pożądane. Główną metodą badawczą wykorzystaną w artykule jest analiza opisowa głównych reform zaproponowanych w literaturze przedmiotu. W artykule dokonano analizy następujących propozycji reform: Fundusz Amortyzacji Zadłużenia, obligacje europejskie, przyznanie Europejskiemu Bankowi Centralnemu roli pożyczkodawcy ostatniej instancji oraz stworzenie unii fiskalnej z budżetem dla strefy euro.
Year
Issue
Pages
58-74
Physical description
Dates
published
2017
Contributors
  • Institute of European Studies, Faculty of Political Science and International Studies, University of Warsaw
References
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Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.desklight-f3bb4921-6646-4f65-ba18-15f8d934ad32
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