For two years, the issue debt crisis dominated in politics and the media. It has been discussed, criticized and judged but it gradually is changed. It is time to draw a balance sheet once. What has been achieved in recent years? After two years, between apocalyptic fantasies, the subject debt crisis is no longer criticized so much in the media.
The strategy of the European governments concerning the handling of the euro crisis is widely criticized but often it is with unfounded arguments or comparisons. It raises a question. What policy the past two years, which be assessed?
In early 2010 it was decided to Greece, which is known for its fragile banking system. This was an attempt to gain time, both for the various deficit countries, and in regards to the banks. It was successful in that there are substantial liquidity problems again in the financial markets. These are different problems as in Italy and Spain, and solvency problems, as in Greece. Greece remains a special case, and its reorganization will require 15 to 20 years. Of course, not only the administrative apparatus must be completely redesigned.
Likewise, is for adjustment processes, it comes to the reduction of wages and prices, because they require a national consensus between the political and the social partners. The fate of the leaders in the deficit countries, and the social changes is to countries to continue on the path of excessive debt. The key for further policy development and design knowledge from the market reaction, it is a creditor participation.
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The same goes and for institutional development with the New Fiscal Deal. One side rated the bailout policy of the past two years as a failure of the European idea. Perhaps such a statement will find its supporters. Of course, things should not be considered biased, and they must be adopted in its full entirety.
On the other hand, this process can also be understood as an opportunity. Because of the situation, developments and reforms, which have been initiated. Otherwise, they might never have come about. Even if no one can tell, whether the measures lead to success.