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Author
Sławiński Andrzej (Szkoła Główna Handlowa w Warszawie)
Title
Strefa euro : scenariusz alternatywny
Euro Zone : the Alternative Scenario
Source
Acta Universitatis Lodziensis. Folia Oeconomica, 2012, t. 273, s. 373-384
Issue title
Globalne aspekty kryzysu strefy euro
Keyword
Kryzys finansowy, Polityka pieniężna, Integracja monetarna Europy, Strefa euro, Zarządzanie w kryzysie
Financial crisis, Monetary policy, European monetary integration, Eurozone, Crisis management
Note
summ.
Abstract
Celem niniejszego opracowania jest wskazanie, że jedną z ważnych przyczyn kryzysu w strefie euro było przedwczesne wprowadzenie wspólnej europejskiej waluty. Gdyby pozwolono na znacznie dłuższe funkcjonowanie Europejskiego Systemu Walutowego (ESW) - w jego kształcie, jaki przybrał w 1993r. - a więc po rozszerzeniu pasma wahań kursowych z +/-2,25% do +/-15% i umożliwiono krajom ESW wykorzystanie tej zmiany do zwiększenia autonomii ich polityki pieniężnej, to uwolniłoby to w znacznej mierze strefę euro (zakładamy, że powstałaby ona znacznie później) od problemów, jakie wywołało rosnące różnicowanie się konkurencyjności krajów członkowskich i długotrwałe utrzymywanie się w części krajów euro niestabilnych boomów kredytowych, których załamanie spowodowała recesję, spadek wpływów podatkowych i kryzys fiskalny w strefie euro. (fragment tekstu)

The process of European monetary integration would have been longer but much less costly, had euro zone been created at least a decade later. Had Europeans decided to extend the period of functioning of the ERM mechanism with the 15% band (introduced in 1993), central banks might have been able to use the extended autonomy of monetary policy to cope with the unsustainable lending booms before the creation of the monetary union. This might have saved Europe from paying a very high cost of the twin bank and fiscal crises. Had the tightening of monetary policy turned out to be insufficient to cope with the unsustainable lending booms in several European countries, central banks could have earlier employed macroprudential policies as a second weapon of their stabilization policy. Had the euro zone been created at least a decade later, the experiences with the unsustainable lending booms would have forced Europeans to create monetary union with a better institutional setup. (original abstract)
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The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
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Cited by
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ISSN
0208-6018
Language
pol
URI / DOI
http://hdl.handle.net/11089/2122
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