© RAINER MAURER, Pforzheim - 1 - Prof. Dr. Rainer Maure Digression: The European Debt Crisis 2010 Digression: The European Debt Crisis 2010
Mar 26, 2015
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- 1 -Prof. Dr. Rainer Maure
Digression: The European Debt Crisis 2010Digression: The European Debt Crisis 2010
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 2 -Prof. Dr. Rainer Maure
➤ The crisis can be seen as the result of The crisis can be seen as the result of two factorstwo factors::
1.1. One interest rate only One interest rate only for 17 member states!for 17 member states!
■ As seen in chapter 6.2.3., business banks of As seen in chapter 6.2.3., business banks of all member all member states states can borrow money from the ECB at can borrow money from the ECB at the same interest the same interest raterate..
■ A differentiation A differentiation of the interest rate according to the different of the interest rate according to the different home countries of the commercial banks home countries of the commercial banks is not practicedis not practiced..
■ As a consequence, the As a consequence, the interest rate for bank credits interest rate for bank credits (especially mortgage and firm credits) have aligned in all (especially mortgage and firm credits) have aligned in all member states („member states („interest-rate-pass-throughinterest-rate-pass-through“).“).
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 3 -Prof. Dr. Rainer Maure
2.2. Different inflation rates Different inflation rates in all 17 member states!in all 17 member states!
100%
105%
110%
115%
120%
125%
130%
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
Euro area (16 countries) Ireland Greece Spain Portugal
GDP Price Deflator Relative to GermanyIndices Relative to Germany (1999 = 100%)
Source: EU Commission, AMECO, Own Calculations www.rainer-maurer.com
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 4 -Prof. Dr. Rainer Maure
➤ If nominal interest rates are identical, but inflation rates If nominal interest rates are identical, but inflation rates diverge, diverge, real interest rate diverge tooreal interest rate diverge too::
=> Countries with => Countries with highhigh inflation rates inflation rates experience experience lowlow real interest real interest ratesrates!!
Countries with Countries with lowlow inflation rates inflation rates experience experience highhigh real interest real interest ratesrates!!
InflationRateInterestNominalRateInterestReal
ii i r
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 5 -Prof. Dr. Rainer Maure
➤ Convergence of nominal interestConvergence of nominal interest rates & rates & divergence of real divergence of real interestinterest rates using the example of 10 years govern. bonds : rates using the example of 10 years govern. bonds :
-0,1%
0,1%
0,3%
0,5%
0,7%
0,9%
1,1%
1,3%
1,5%
Jan. 97 Jan. 98 Jan. 99 Jan. 00 Jan. 01 Jan. 02 Jan. 03 Jan. 04 Jan. 05 Jan. 06 Jan. 07 Jan. 08 Jan. 09 Jan. 10
Nominal Interest Rates for 10-Year Government BondsInflation Rates (HCPI)Real Interest Rates for 10-Year Government Bonds
Variance Coefficients across the 12 EMU Founding Member States
Source: Eurostat, Own Calculations © www.rainer-maurer.com
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 6 -Prof. Dr. Rainer Maure
➤ Divergence of real interestDivergence of real interest rates using the example of 10 years rates using the example of 10 years government bondsgovernment bonds ::
-4,0%
-3,0%
-2,0%
-1,0%
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
Jan. 97 Jan. 98 Jan. 99 Jan. 00 Jan. 01 Jan. 02 Jan. 03 Jan. 04 Jan. 05 Jan. 06 Jan. 07 Jan. 08 Jan. 09 Jan. 10
Germany Spain Greece Ireland Portugal
Real Interest Rates for 10 Years Government Bonds (based on BIP-Deflator)
Source: Eurostat, Own Calculations © www.rainer-maurer.com
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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0
1
2
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4
5
6
7
8
9
10
0 1 2 3 4 5 6 7 8 9 10
0
1
2
3
4
5
6
7
8
9
10
0 1 2 3 4 5 6 7 8 9 10
➤ What What consequencesconsequences have different real interest rates have different real interest rates forfor the the capital marketcapital market::
Low Inflation Country: rL* = i*- πL
Excess supply of credits
S(Y)
I(Y)S, I
rL*
High Inflation Country: rH* = i*- πH
Excess demand for credits
S(Y)
I(Y)
r = real interest rates
rH*
S, I
r*
r = real interest rates
Equilibrium interest rate, if all countries would experience the same inflation rate.
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0
1
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0 1 2 3 4 5 6 7 8 9 10
0
1
2
3
4
5
6
7
8
9
10
0 1 2 3 4 5 6 7 8 9 10
Excess Supply of credits
S(Y)
I(Y)S, I
rL*
Excess demand for credits
S(Y)
I(Y)
r = real interest rates
rH*
S, I
r*
r = real interest rates
The ECU total capital market is in equilibrium, while there is a disequilibrium on the capital market of the member countries!
The average interest rate is equal to the market equilibrium rate: (rL* + rH*) /2 = r*
Low Inflation Country: rL* = i*- πL
High Inflation Country: rH* = i*- πH
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 9 -Prof. Dr. Rainer Maure
➤ Result of diverging interest rates:Result of diverging interest rates:
■ The The high inflation countryhigh inflation country has an incentive to borrow from the has an incentive to borrow from the low inflation country, low inflation country, because ofbecause of its its low real interest ratelow real interest rate..
■ The The low inflation countrylow inflation country has an incentive to lend money to the has an incentive to lend money to the low inflation country, low inflation country, because ofbecause of its the its the high real interest ratehigh real interest rate..
➤ If this scenario holds on over several years, the If this scenario holds on over several years, the high inflation high inflation countrycountry will accumulatewill accumulate more and more more and more debtdebt hold by the low hold by the low inflation country:inflation country:
■ The following diagram shows that this mechanism has been at The following diagram shows that this mechanism has been at work in the ECU over a long span of time:work in the ECU over a long span of time:
T
ttD
0
CreditsforDemandsExcessYearlyofSumDebt Cumulative
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 10 -Prof. Dr. Rainer Maure
Austria
BelgiumGermany
Spain
Finland
France
Greece
Ireland
Italy
Netherlands
Portugal
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
1,4% 1,9% 2,4% 2,9%
Bis April 2010 aufgelaufene Nettoauslandsverschuldung in Prozent des BIP und durchschnittlicher Realzins von Januar 1999 bis Dezember 2009
Realzins
Quelle: Eurostat, Eigene Berechnungen
Nettoauslandsverschuldungin % des BIP
The lower the real interest rate, the higher the accumulated net debt position.
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 11 -Prof. Dr. Rainer Maure
Austria
BelgiumGermany
Spain
FinlandFrance
Greece
Ireland
Italy
Netherlands
Portugal
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
1,4% 1,6% 1,8% 2,0% 2,2% 2,4% 2,6% 2,8% 3,0% 3,2%
Bis Dezember 2009 aufgelaufene Nettoauslandsverschuldung in Prozent des BIP und durchschnittliche HVPI Inflationsrate von Januar 1999 bis Dezember 2009
Inflationsrate
Nettoauslandsverschuldung in % des BIP
Quelle: Eurostat, Eigene Berechnungen
The higher the inflation rate (the lower the real interest rate), the higher the accumulated net debt position.
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-1500
-1000
-500
0
500
1000
1500
Jan. 98 Jan. 99 Jan. 00 Jan. 01 Jan. 02 Jan. 03 Jan. 04 Jan. 05 Jan. 06 Jan. 07 Jan. 08 Jan. 09 Jan. 10
Sum of Net International Debt Position of Spain, Greece, Ireland, Portugal
Sum of Net International Debt Position of Germany, Belgium, Luxembourg, Netherlands
Source: Eurostat, Own Calculations © www.rainer-maurer.com
International Net Debt Position of Eurozone Debtor and Creditor Countries
Bn. Euro
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 12 -Prof. Dr. Rainer Maure
The rise of the net debt position of the high inflation countries went hand in hand with the rise of a net savings position of the low inflation counties.
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 13 -Prof. Dr. Rainer Maure
➤ Why did this process continue over a period of nearly 10 years?Why did this process continue over a period of nearly 10 years?
■ The above process can give rise to a The above process can give rise to a self-enforcing debt spiralself-enforcing debt spiral (positive feed-back loop) :(positive feed-back loop) :
◆ CreditsCredits flow from the flow from the low inflation countrylow inflation country to the to the high inflation high inflation countrycountry..
◆ In the In the high inflation countryhigh inflation country, these credits are used to buy goods. , these credits are used to buy goods. The demand for goods grows therefore over the supply of goods The demand for goods grows therefore over the supply of goods in the high inflation country.in the high inflation country.
◆ If the If the goodsgoods demandeddemanded in the high inflation country in the high inflation country are not are not tradabletradable (e.g. real estate or services), an (e.g. real estate or services), an excess demand for excess demand for goodsgoods produced in the high inflation country results. produced in the high inflation country results.
◆ This This excess demandexcess demand causes then causes then again inflationagain inflation!!
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
- 14 -Prof. Dr. Rainer Maure
◆ In the In the low inflation country,low inflation country, the credit flow to the high inflation the credit flow to the high inflation country causes a country causes a loss of purchasing powerloss of purchasing power. .
◆ If this loss of purchasing power is If this loss of purchasing power is not compensatednot compensated by an export by an export demanddemand from the high inflation country, from the high inflation country, excess supplyexcess supply results in results in the the low inflation countrylow inflation country..
◆ This This excess supplyexcess supply causes then again a causes then again a lower inflation ratelower inflation rate in the in the low inflation country.low inflation country.
■ Consequently, Consequently, if the goodsif the goods demanded for by the high inflation demanded for by the high inflation country country are not perfectly tradableare not perfectly tradable, the , the inflationary differences inflationary differences will prevailwill prevail!!
■ The following The following circular flow presentationcircular flow presentation displays this relationship displays this relationship graphically:graphically:
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➤ Self-enforcing debt-spiral:Self-enforcing debt-spiral:
High (low) inflation in HIC (LIC).
High (low) real interest rate in HIC
(LIC).
Indebtedness (Net savings) in
HIC (LIC).
Reduction of demand for
goods in LIC.
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
Demand for non-tradable goods in
HIC grows.
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➤ When will the debt spiral come to a standstill?When will the debt spiral come to a standstill?
■The The growing indebtednessgrowing indebtedness of the high inflation country of the high inflation country causes a causes a higherhigher credit default probabilitycredit default probability. .
■As soon as capital markets become aware of this, As soon as capital markets become aware of this, risk risk premiums in the interest rates start to growpremiums in the interest rates start to grow an cause an cause higher real interest rates for the high inflation country.higher real interest rates for the high inflation country.
■This sets an incentive for the high inflation country to This sets an incentive for the high inflation country to reduce its demand for debt.reduce its demand for debt.
■As the As the historical experiencehistorical experience shows, in needs some time shows, in needs some time before capital markets become aware of this.before capital markets become aware of this.
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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➤ Consequently, the European debt crisis is Consequently, the European debt crisis is not a not a sovereign debt crisissovereign debt crisis, but a debt , but a debt crisis of the private crisis of the private sectorsector of the high inflation countries. of the high inflation countries.
➤ The following diagrams display this:The following diagrams display this:
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Net International Debt Position in Percent of GDP Total Government Debt in Percent of GDP
SpainPercent of GDP
Source: Eurostat
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Net International Debt Position in Percent of GDP Total Government Debt in Percent of GDP
IrelandPercent of GDP
Source: Eurostat
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Net International Debt Position in Percent of GDP Total Government Debt in Percent of GDP
GreecePercent of GDP
Source: Eurostat
The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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The European Debt Crisis 2010The European Debt Crisis 20101. The Causes of the Crisis1. The Causes of the Crisis
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-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Net International Debt Position in Percent of GDP Total Government Debt in Percent of GDP
GermanyPercent of GDP
Source: Eurostat
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➤ In the short runIn the short run: What measures are necessary to : What measures are necessary to overcome overcome the crisisthe crisis??■The Governments of indebted countries have overtaken the The Governments of indebted countries have overtaken the
bad debt losses of the commercial banks in their countries. bad debt losses of the commercial banks in their countries. This has caused an increase of the government indebtedness.This has caused an increase of the government indebtedness.◆ Debt restructuringDebt restructuring (=„haircut“=partial bankruptcy) => Problem: (=„haircut“=partial bankruptcy) => Problem:
Loss of receivables of creditor banks endangers stability of the Loss of receivables of creditor banks endangers stability of the financial sector („Lehman Brothers”-effect, “financial sector („Lehman Brothers”-effect, “Banking DominoBanking Domino”)”)
◆Budget reorganization Budget reorganization with „with „ESM-creditsESM-credits“ => Will countries like “ => Will countries like Greece, Portugal, Spain and Ireland be able to sustain the Greece, Portugal, Spain and Ireland be able to sustain the consequences of austerity policies: violent protest rallies? consequences of austerity policies: violent protest rallies? general strikes? Political stability strong enough?general strikes? Political stability strong enough?
◆Up to know budget reorganization based on austerity policies Up to know budget reorganization based on austerity policies has has not been very successfulnot been very successful::
The European Debt Crisis 2010The European Debt Crisis 20102. Ho to overcome the crisis2. Ho to overcome the crisis
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50.000
100.000
150.000
200.000
250.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Total general government expenditure Total general government revenue GDP
GreeceMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 23 -Prof. Dr. Rainer Maure
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20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
200.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Total general government expenditure Total general government revenue GDP
PortugalMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 24 -Prof. Dr. Rainer Maure
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200.000
400.000
600.000
800.000
1.000.000
1.200.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Total general government expenditure Total general government revenue GDP
SpainMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 25 -Prof. Dr. Rainer Maure
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20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
200.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Total general government expenditure Total general government revenue GDP
IrelandMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 26 -Prof. Dr. Rainer Maure
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500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Total general government expenditure Total general government revenue GDP
GermanyMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 27 -Prof. Dr. Rainer Maure
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➤ Current situationCurrent situation::■As a result total government debt levels have become even As a result total government debt levels have become even
larger and unemployment rates have reached levels that can larger and unemployment rates have reached levels that can threaten political stability:threaten political stability:
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.2. Auswege aus der Krise4.2.6.2. Auswege aus der Krise
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0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0
50.000
100.000
150.000
200.000
250.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012GDP Total Government Debt Unemployment Rate (right scale)
PortugalMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 29 -Prof. Dr. Rainer Maure
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0%
5%
10%
15%
20%
25%
30%
0
200.000
400.000
600.000
800.000
1.000.000
1.200.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GDP Total Government Debt Unemployment Rate (right scale)
SpainMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 30 -Prof. Dr. Rainer Maure
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4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 31 -Prof. Dr. Rainer Maure
0%
2%
4%
6%
8%
10%
12%
14%
16%
0
50.000
100.000
150.000
200.000
250.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
GDP Total Government Debt Unemployment Rate (right scale)
IrelandMillion Euro
Source: Eurostat
Percent of Labor Force
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0%
5%
10%
15%
20%
25%
30%
0
50.000
100.000
150.000
200.000
250.000
300.000
350.000
400.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012GDP Total Government Debt Unemployment Rate (right scale)
GreeceMillion Euro
Source: Eurostat
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 32 -Prof. Dr. Rainer Maure
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4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.1. Die Ursachen der Krise4.2.6.1. Die Ursachen der Krise
- 33 -Prof. Dr. Rainer Maure
0%
2%
4%
6%
8%
10%
12%
0
500.000
1.000.000
1.500.000
2.000.000
2.500.000
3.000.000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012GDP Total Government Debt Unemployment Rate (right scale)
GermanyMillion Euro
Source: Eurostat
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- 34 -Prof. Dr. Rainer Maure
➤ Current situationCurrent situation::■3 Years have 3 Years have passed by now, since the beginning of the crisispassed by now, since the beginning of the crisis
■Neither the ESM (European Stability Mechanism =„European Neither the ESM (European Stability Mechanism =„European Rescue Fund“) nor the „Fiscal Compact“ had been able to Rescue Fund“) nor the „Fiscal Compact“ had been able to calm the markets.calm the markets.
■Risk premiums Risk premiums for government bonds crisis country kept on for government bonds crisis country kept on growing until summer 2012 (see next diagram).growing until summer 2012 (see next diagram).
■Then, the president of the European Central Bank, Mario Then, the president of the European Central Bank, Mario DraghiDraghi, was able to trigger a turnaround of markets when he , was able to trigger a turnaround of markets when he declared “Within our mandate, declared “Within our mandate, the ECB is ready to do the ECB is ready to do whatever it takes to preserve the eurowhatever it takes to preserve the euro. And believe me, it will . And believe me, it will be enough (…)”be enough (…)”
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.2. Auswege aus der Krise4.2.6.2. Auswege aus der Krise
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- 35 -Prof. Dr. Rainer Maure
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.2. Auswege aus der Krise4.2.6.2. Auswege aus der Krise
02468
101214161820222426283032
2010M01D04 2010M06D21 2010M12D06 2011M05D23 2011M11D07 2012M04D23 2012M10D08 2013M03D25
Irland Griechenland Spanien Italien Portugal Frankreich
Prozent
Zinsdifferenzen 10-jähriger Staatsanleihen im Vergleich zu Deutschland
Quelle: EUROSTAT, Zinssätze des "Maastricht-Kriteriums"2013M06D14
Irland unter EFSF:
28.11.10
Gründung des EFSF &
Beginn der Griechenland-
hilfen:09.05.10
Portugal unter EFSF:
07.04.11
EZB LTRO: 21.12.11 & 29.02.12
Bernanke Congress
Rede:22.05.13
Draghi "Whatever it takes.." 27.06.12
© R
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- 36 -Prof. Dr. Rainer Maure
➤ Current situationCurrent situation::■Currently, financial markets expect a turn of monetary policy in Currently, financial markets expect a turn of monetary policy in
the USA.the USA.
■As a result, market interest rates for bonds are growing and As a result, market interest rates for bonds are growing and with them risk premiums (see diagram).with them risk premiums (see diagram).
■As it seems, As it seems, the situation could soon get critical again the situation could soon get critical again for the for the European crisis countries.European crisis countries.
4.2.6. Die Schuldenkrise der EWU 20104.2.6. Die Schuldenkrise der EWU 20104.2.6.2. Auswege aus der Krise4.2.6.2. Auswege aus der Krise