Mustafa ÖZTÜRK, Osman Nuri ARAS, Filiz Salih KADI

DETERMINANTS OF DEBT CRISIS IN EU AND THE RECOVERY EFFORTS

European Union has taken economic and financial measures to cope with the debt crises erupted in 2009. These measures can be summarized as putting in place a bail-out mechanism and austerity measures, strengthening economic policy coordination, setting up “Stability and Growth Pact III” and the establishment of a system of macro-economic surveillance, introducing the “Euro Plus Pact” for closer economic coordination of euro-zone countries and the establishment of a permanent European Stability Mechanism (ESM). Will the European Union be able to master the debt crises? To answer this question, we will examine the economic and financial determinants of the crises. Moreover we will discuss how effective the economic and financial measures taken for the recovery of EU countries

Keywords:

Debt, Debt Crisis, Managing the crisis European Union, Member States, Macroeconomic Stabilisation,

PDF

___

Agung I Gusti N. (2009) Tıme Series Data Analysis Using Eviews, Singapore:Wiley
Baltagi Badi H. (2008). Econometrics, Berlin: Springer.
BBC (2012). EU austerity drive country by country, http://www.bbc.co.uk/news/10162176[12.08.2012]
Bozkurt, H. (2007). Zaman Serileri Analizi, İstanbul: Ekin Kitabevi
Constâncio, V. (2012). Contagion and the European debt crisis, Public Debt,
Monetary Policy And Financial Stability, Financial Stability Review, No. 16, http://www.banque- france.fr/fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stab ilite_financiere/2012/rsf-avril-2012/FSR16-article-10.pdf [25.09.2012]
European Financial Stability Facility, ( 2012), http://www.efsf.europa.eu/attachments/faq_en.pdf[23.08.2012]
Gujarati D. N. (2009). Temel Ekonometri, İstanbul: Literatür Yayıncılık.
Güloğlu, B. Vektör Otoregresif Modellerin Etki Tepki Fonksiyonlarının Güven Aralıklarının Güvenirliliği, http://www.ekonometridernegi.org/bildiriler/o15s1.pdf s.3 [18.08.2010]
Marshall, A. G. (2012) Austerity, Adjustment, and Social Genocide: Political
Language and the European Debt Crisis, http://andrewgavinmarshall.com/2012/07/24/austerity-adjustment-and-social- genocide-political-language-and-the-european-debt-crisis/ [26.09.2012]
Phillips Garry D. A. Tzavalis E. (2007). The Refinement of Econometric
Estimation and Test Procedure, Cambridge University Press Sevüktekin M. Nargeleçekenler M. (2010). Ekonometrik Zaman Serileri Analizi,
Ankara: Nobel Yayın Dağıtım. Six-pack? Two-pack? Fiscal compact? A short guide to the new EU fiscal governance, Economic and Financial Affairs, European Comission, http://ec.europa.eu/economy_finance/articles/governance/2012-03- _six_pack_en.htm[10.09.2012]
Vlad Grinkevich(2012), Europe’s Financial Pill Won’t Cure Greece, Ria Novosti , http://en.rian.ru/analysis/20120222/171450607.html[12.09.2012]