European sovereign debt crisis歐洲主權(quán)債務(wù)危機

EuropeansovereigndebtcrisisContents1.Description2.Causes4.China’sresponsetotheESDC3.ImpactAnalysisCompanyLogo1.DescriptionHappeninEuropeancountriesSpringfromnationalcreditThereissomethingwrongwiththegovernment’sbalancesheet(orthegovernment’sfinancialstatus).SovereignDebtOnecountryborrowsdebtsraisedonthesecurityofnationalsovereigntyfromothercountries,theOrganizationofInternationalCurrencyFundandtheWorldBank

Ifthedebitsidesfailandpostponepayingbackthedebt,thecreditsideswillnotwithdrawcouponsandinvestmentprofitsintime.Thatleadstocrisis.2.Causestheglobaleconomicslowdowneasycreditconditionduringthe2002-2008periodthatencouragedhigh-risklendingandborrowingpracticesinternationaltradeimbalancereal-estatebubblefiscalpolicychoicesrelatedtogovernmentrevenuesandexpensesapproachesusedbynationstobailout(緊急救助)troubledbankingindustriesandprivatebondholdersThreeMainCauses

2.1Risinggovernmentdebtlevel

（directreason）

risingdebtlevelsofEuropeancountrieswerecausedbyexcessgovernmentspending.Thelargebailoutpackagesprovidedtothefinancialsector,whichleadstohighfiscaldeficitsintheeuroarea.

2.2.Monetarypolicyinflexibility（fundamentalreason）

Sincemembershipoftheeurozoneestablishesasinglemonetarypolicy,individualmemberstatescannolongeractindependentlyprintmoneyinordertopaycreditorsandeasetheirriskofdefault.2.3Lossofconfidence

Investorshave

doubtaboutthepossibilitiesofpolicymakerstoquicklydealthecrisisbecausethedefectintheEuromonetaryunit.Thestockmarketsfell,asdidconsumerconfidenceintheeconomy.

Furthermore,asconsumersstoppedspendingandbanks

stoppedlending,thefiscalcrisisfurtherdeteriorated●SetbackinglobalfinancialmarketsThesovereigndebtcrisishasshakentheinnerstabilityoftheglobalfinancialmarkets,andevenbegintointerferewiththeefficientpricingofmarketriskassetsandtheallocationofresources.●

PositionoftheeuroandtheeurozonestabilitywillbetestedAsthelargesteconomicandtradeoftheCommonwealth,theEUhasbenefitsofthesinglecurrency.However,thelackofeffectiveearlywarningmechanismandexitmechanism,whichledtomonetarypolicyintheeuroareaisdifficulttobeeffectivecoordinationofnationalfiscalpolicy.3.ImpactAnalysis●

Relatedeconomiesfaceapolicydilemma,whichwillslowthepaceofglobaleconomicrecovery.

Ifsignificantlyreducepublicspending,isextremelydetrimentaltoeconomicrecoveryandemployment;Iftoleratingfiscaldeficits,thedebtproblemisdifficulttosolveintheshortterm.

●Increasetheriskofglobalhighinflation

Ifthedebtorcountriesdealwithsovereigndebtcrisesbydebtmonetization,thensovereigndebtcrisiswilleventuallyevolveintotheinflationcrisis.Part4China’sresponsetotheESDC“WeappreciateEuropeancountries’importanteffortstostabilizethemarketandpromoteeconomicgrowth”.saidLiuWeimin,spokesmanfortheministryWebelievetheEuropeancountrieswillbeabletoovercomethecurrentdifficulties,andChinaisreadytoworkwiththeinternationalcommunitytocontinuetosupporttheeffortsofEuropeinfightingthesovereigndebtissue

ButChinahasmadenofirmcommitmenttoprovidingfinancialassistance.2012-01-18

PremierWenJiabaomadecleartheChinesegovernment‘sstanceontheEuropeandebtcrisisduringGermanChancellorAngelaMerkel’sfifthofficialvisittoChinasincetakingoffice.（德國總理安吉拉·默克爾）

WenexpressedtheurgencyandimportanceofsolvingEurope'sdebtcrisisandsaidChinaisconsidering"involvingitselfmoredeeplyin"effortstoaddressthedebtissue.PremierWensaidEuropeans'owneffortsshouldplayavitalandfundamentalroleinresolvingthecrisisAndtheEU,asawhole,shouldcontinuallypushforwardsystematic,structuralandfundamentalfiscalandfinancialreformsinadditiontoadoptingemergencybailoutmeasures(緊急救助措施),andfeedtheinternationalcommunitywithmoreuniformanddefinedideastosolvetheproblem

Ontheotherhand,hesaidChineseauthoritiesarestudyingandassessingmoreproactiveeffortstoresolveEurope‘sdebtissuebyfinancingtheIMFandthroughtheEuropeanFinancialStabilityFund(歐洲金融穩(wěn)定基金),theEuropeanStabilityMechanism(歐洲穩(wěn)定機制)andotherchannels.2012--2