Vol.8, No 2, 2011 pp. 165 - 180
UDC 336.274:338.124.4(4-672EU)
THE EUROPEAN UNION DEBT CRISIS
AND THE EUROZONE'S SURVIVAL
Miloš Todorović, Jovan Bogdanović
Faculty of Economics, University of Niš, Serbia
milos.todorovic@eknfak.ni.ac.rs
Debt crisis in the European Union is the result of the inability of some countries to gain control over growing debt, which created tremendous pressure on the stability and survival of the common European currency, Euro. Concerns over the risks of growing public debt and budget deficits of some countries of the European Monetary Union, caused the reaction of financial markets that punish countries with debt problems in the form of increased prices of their additional borrowing. Poor control of defined rules implementation has led to excessive borrowing countries to challenge the achieved stability and integrity of the Eurozone. A debt crisis in the European Union discovered that the model of economic growth based on the financing of consumption through borrowing in the long term does not give positive results.
Analyzing the potential danger of possible Eurozone collapse, EU leaders have concluded that the costs of such a scenario are extremely high. An agreement was reached to form a rescue fund for member states whose debt problems could threaten the survival of this monetary union.
Key Words: debt crisis, Euro stability, financial markets, Eurozone breakdown, financial bail out
DUŽNIČKA KRIZA U EVROPSKOJ UNIJI I OPSTANAK EVROZONE
Dužnička kriza u Evropskoj uniji je posledica nemogućnosti nekolicine zemalja da uspostave kontrolu nad rastućim dugovanjima, čime se stvorio ogroman pritisak na stabilnost i opstanak zajedničke evropske valute, evra. Zabrinutost nad rizicima rastućeg javnog duga i budžetskog deficita pojedinih zemalja Evropske monetarne unije, uslovila je reakciju finansijskih tržišta koja su kaznila zemlje sa dužničkim problemima u vidu povećanja cene njihovog dodatnog zaduživanja. Slaba kontrola primene definisanih pravila je dovela do toga da prekomerno zaduživanje zemalja dovede u pitanje postignutu stabilnost ali i integritet Evrozone. Izbijanjem dužničke krize u Evropskoj uniji, došlo se i do saznanja da model ekonomskog rasta koji se zasniva na finansiranju potrošnje kroz zaduživanje, na dugi rok ne daje pozitivne rezultate.
Analizirajući potencijalne opasnosti od eventualnog raspada Evrozone, lideri Evropske unije su zaključili da su troškovi takvog scenarija izuzetno visoki. Postignuta je saglasnost o formiranju fonda za spašavanje država članica čiji bi dužnički problemi mogli da ugroze opstanak ove monetarne unije.
Ključne reči: dužnička kriza, stabilnost evra, finansijska tržišta, raspad Evrozone, finansijska pomoć
