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The Eurozone Crisis: Causes and Solutions Klaas Knot President, De Nederlandsche Bank

The Eurozone Crisis: Causes and Solutions Klaas Knot President, De Nederlandsche Bank Asia Society, Hongkong 15 October 2012. The eurozone and the global economy. European debt crisis. Some convergence prior to the crisis. Cumulative growth differentials with Germany.

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The Eurozone Crisis: Causes and Solutions Klaas Knot President, De Nederlandsche Bank

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  1. The Eurozone Crisis: Causes and Solutions Klaas Knot President, De Nederlandsche Bank Asia Society, Hongkong 15 October 2012

  2. The eurozone and the global economy

  3. European debt crisis

  4. Some convergence prior to the crisis... Cumulative growth differentials with Germany

  5. …but with borrowed money… Average annual growth rate of credit to private sector: 2000-2011

  6. …and accompanied by inflation… Cumulative differentials compared to EMU total : 2000-2007

  7. …reflecting wage developments

  8. Current account balancepercent of GDP

  9. Governments went back to old habits Budget deficits (% Gdp) Start EMU but relapse after admission Improvements in the run-up to EMU

  10. “On/off”market discipline

  11. A stable design of EMU • Strengthening growth potential and competitiveness • Politically independent enforcement of the fiscal rules, guarding the debt ceiling of 60% • European supervision, resolution and DGS • Eurobonds as the capstone of EMU?

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