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The Euro-zone Financial Crisis: Causes, Consequences and Policy Responses |
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PP: 121-134 |
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doi:10.18576/ijye/010202
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Author(s) |
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Imanou AKALA,
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Abstract |
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| The Financial Crisis that knocked the world in 2008 has seriously affected the world economy and appears to be the worst that the Euro-Zone has experienced since its creation and it’s threatening till now its existence with the development of anti-globalization, nationalism, protectionism in some country members and even worst the BREXIT1. The Crisis has had dramatic consequences not only for the Euro-Zone but for the Majority of its financial and commercial partners such as the European Union (EU) as well as for the EU immediate vicinity: Turkey, the Middle East and Africa. This paper tries to highlight in details the main causes of the euro-zone crisis, how the area has been affected (consequences) and the different policies that have been undertaken to overcome that situation as well as lessons for Turkey to learn from the crisis. It is therefore the EU institutions reports, general researches and books on finance, banking and law related to the financial crisis that have mainly been able to provide information needed to elaborate this work. And the result shows the weaknesses existing in the Euro-Zone financial regulations, the limits and needs for a common action not only at the Euro-Zone level but at European including international level; it also reopened the debate on the responsibility and the role of public authorities in the economy. |
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