Enhance Your Learning with Economics - Eurozone Crisis Flash Cards for quick learning
A period of financial instability in the European Union, characterized by high levels of government debt, banking crises, and economic recession.
Factors that contributed to the crisis include excessive government spending, unsustainable levels of public debt, global financial imbalances, and flawed economic policies.
The crisis led to economic recession, high unemployment rates, social unrest, political instability, and a loss of confidence in the euro currency.
Efforts to address the crisis included bailout programs, austerity measures, structural reforms, increased financial regulation, and closer economic integration.
The ECB played a crucial role in managing the crisis through monetary policy, providing liquidity to banks, and implementing measures to stabilize financial markets.
Policies aimed at reducing government spending, increasing taxes, and implementing structural reforms to restore fiscal discipline and regain market confidence.
A situation where a country is unable to repay its government debt, leading to a loss of investor confidence, rising borrowing costs, and potential default.
The Eurozone Crisis resulted in high levels of unemployment, particularly among young people, due to economic recession and austerity measures.
A situation where banks face significant financial distress, leading to a loss of confidence, bank runs, and potential collapse of the financial system.
The debt owed by a government to domestic or foreign lenders, which became a major concern during the Eurozone Crisis due to unsustainable levels of debt.
Greece faced a severe debt crisis, requiring multiple bailouts and implementing harsh austerity measures to address its unsustainable levels of debt.
Spain experienced a banking crisis and a housing market collapse, leading to a sharp increase in public debt and the need for financial assistance.
Italy faced a debt crisis due to its high levels of public debt, political instability, and slow economic growth, raising concerns about its ability to repay its debt.
Portugal faced a debt crisis, requiring a bailout and implementing austerity measures to address its high levels of public debt and weak economic performance.
Ireland experienced a severe banking crisis and a collapse of its property market, leading to a sharp increase in public debt and the need for financial assistance.
Cyprus faced a banking crisis and a collapse of its real estate market, requiring a bailout and imposing capital controls to prevent a financial collapse.
Financial assistance provided to countries facing a debt crisis, usually in exchange for implementing austerity measures and structural reforms.
The system of decision-making and coordination among Eurozone countries to ensure economic stability, fiscal discipline, and financial integration.
A political and economic union of 27 European countries, including most of the countries in the Eurozone, aimed at promoting peace, stability, and economic prosperity.
The use of government spending and taxation to influence the economy, particularly during times of economic recession or expansion.
The management of the money supply and interest rates by a central bank to control inflation, stabilize the economy, and promote economic growth.
A sustained increase in the general price level of goods and services in an economy, eroding the purchasing power of money.
Gross Domestic Product, a measure of the total value of goods and services produced in a country over a specific period, used to gauge economic performance.
The process of eliminating trade barriers and harmonizing economic policies among countries to promote the free flow of goods, services, and capital.
A situation where a country's imports exceed its exports or vice versa, leading to economic imbalances and potential risks to economic stability.
Rules and regulations imposed by governments and regulatory authorities to oversee and control the activities of financial institutions and markets.
Independent organizations that assess the creditworthiness of borrowers, including governments and corporations, providing ratings that influence investor decisions.
Policy changes aimed at improving economic performance, promoting competitiveness, and addressing structural weaknesses in the economy.
The impact of the Eurozone Crisis on political systems, including changes in government, rise of populist movements, and challenges to European integration.
The societal consequences of the Eurozone Crisis, including increased poverty, inequality, social unrest, and a loss of trust in political and economic institutions.
The influence of the Eurozone Crisis on the global economy, financial markets, and international relations, affecting countries outside of the Eurozone.
Key takeaways from the Eurozone Crisis, including the need for stronger economic governance, improved financial regulation, and sustainable fiscal policies.
The prospects and challenges facing the Eurozone, including the need for further integration, reforms, and measures to ensure long-term economic stability.
The process of regaining economic growth and stability after a period of recession or crisis, often requiring structural reforms and stimulus measures.
A state of steady economic growth, low inflation, low unemployment, and sound fiscal and monetary policies, promoting confidence and investment.
A temporary financial assistance mechanism established by Eurozone countries to provide financial support to member states facing financial difficulties.
A permanent financial assistance mechanism established by Eurozone countries to provide financial support and stability to member states in need.
A system of banking supervision and resolution in the Eurozone, aimed at ensuring the stability and integrity of the banking sector.
An intergovernmental treaty among Eurozone countries, committing them to adopt and implement stricter fiscal rules and budgetary discipline.
A framework for coordinating economic policies among EU member states, involving the coordination of budgetary, economic, and structural reforms.
The system of rules, institutions, and processes that govern economic decision-making and coordination among EU member states.
A set of rules and guidelines aimed at ensuring fiscal discipline and coordination among EU member states to promote stability and growth.
The EU's financial institution, providing loans and financial assistance for infrastructure projects and promoting economic development.
A proposed tax on financial transactions within the EU, aimed at generating revenue and discouraging speculative trading.
The monetary policies implemented by the ECB to maintain price stability, support economic growth, and ensure the stability of the euro currency.