Europe's Sovereign Debt Crisis: Markets, Rules and Credibility

Europe's Sovereign Debt Crisis: Markets, Rules and Credibility

This lecture discusses the causes and proposed solutions to Europe's sovereign debt crisis. The basic economic disparities behind adjustment problems in the Eurozone will be addressed, especially whether there is a path for Greece-Ireland-Spain-Portugal to stay in EMU that doesn't entail massive fiscal austerity and years of continued high unemployment. These issues will be considered in the context of recent moves by the EU to balance market pressure and fiscal rules in order to keep public finances on a sustainable path, as well as proposals for a common EU solution to debt problems and a larger Federal fiscal role for Brussels.

Professor Michael Hutchison joined the faculty of economics at the University of California at Santa Cruz in 1985. He has been a research economist at the Federal Reserve Bank of San Francisco (1983-86) and economist/head of section at the Bank for International Settlements (1999-2001) in Basle, Switzerland. He has also held visiting and consulting appointments with the Bank of Japan, the Reserve Bank of New Zealand, the Hong Kong Monetary Authority, the Bank of Sweden, and other institutions. He has taught at the University of Gothenburg, the Copenhagen Business School, the Haas School of Business at UC Berkeley and the Marshall School of Business at the University of Southern California.  Hutchison specializes in international finance and the Japanese economy, frequently consulting with central banks and international institutions around the world. His recent research focuses on the causes and costs of financial crises in developing economies, the role of the IMF in the international financial system, financial instability, and the effectiveness of central bank foreign exchange market intervention. He has published over 100 articles and 8 books and monographs on these topics.

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