Fiscal Challenges in the Euro Zone

18 Pages Posted: 9 Dec 2012

See all articles by José Manuel Campa

José Manuel Campa

University of Navarra - Madrid Campus - IESE Business School; National Bureau of Economic Research (NBER)

Date Written: December 2012

Abstract

Fiscal challenges in the Euro zone have been at the center of global economic concern in the last 2 years. Despite lower debt burdens, and higher fiscal efforts taken by Euro countries, a perception of high fiscal risk remains. This paper reviews the fiscal challenges facing the Euro area countries and the measures taken at the Euro area level to manage short‐term pressures and to enhance long‐term functioning of the area, as well as the main lines of national specific reforms. The paper shows the unique characteristics of the Euro area that still raise concerns to foster stability and the challenges to address them.

Keywords: economic integration, Euro, debt sustainability, Sovereign debt

JEL Classification: F36, H63

Suggested Citation

Campa, José Manuel, Fiscal Challenges in the Euro Zone (December 2012). Asian Economic Policy Review, Vol. 7, Issue 2, pp. 180-197, 2012, Available at SSRN: https://ssrn.com/abstract=2186755 or http://dx.doi.org/10.1111/j.1748-3131.2012.01231.x

José Manuel Campa (Contact Author)

University of Navarra - Madrid Campus - IESE Business School ( email )

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Madrid, 28023
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)

National Bureau of Economic Research (NBER)

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United States

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