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2019•Cambridge University Press eBooksRequires access

The Future of the European Economic and Monetary Union

Matthias Ruffert

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Abstract

The state debt crisis is not over in Europe. To give the most extreme example, the Greek debt currently owed to the European Stability Mechanism (ESM) is €45.9 billion and the debt owed to the ESM’s predecessor, the European Financial Stability Facility (EFSF), is €130.9 billion, for an average term of thirty years. This enormous debt burden is shouldered by a country with eleven million inhabitants and with a Gross National Product (GNP) per capita that ranks around fortieth place worldwide. 1 State debt in the Eurozone in general is around 90 percent of GNP, and in Italy it is above 130 percent. 2 Growth in both Greece and Italy is below the Eurozone average (2.5 percent). There is nearly full employment in Germany, i.e. unemployment is near 4 percent, but the unemployment rate is at 8.5 percent in the whole Eurozone, 11.0 percent in Italy, 8.8 percent in France, and a dismal 16.1 percent in Spain. 3

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The state debt crisis is not over in Europe. To give the most extreme example, the Greek debt currently owed to the European Stability Mechanism (ESM) is €45.9 billion and the debt owed to the ESM’s predecessor, the European Financial Stability Facility (EFSF), is €130.9 billion, for an average term of thirty years. This enormous debt burden is shouldered by a country with eleven million inhabitants and with a Gross National Product (GNP) per capita that ranks around fortieth place worldwide. 1 State debt in the Eurozone in general is around 90 percent of GNP, and in Italy it is above 130 percent. 2 Growth in both Greece and Italy is below the Eurozone average (2.5 percent). There is nearly full employment in Germany, i.e. unemployment is near 4 percent, but the unemployment rate is at 8.5 percent in the whole Eurozone, 11.0 percent in Italy, 8.8 percent in France, and a dismal 16.1 percent in Spain. 3

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Available abstract

The state debt crisis is not over in Europe. To give the most extreme example, the Greek debt currently owed to the European Stability Mechanism (ESM) is €45.9 billion and the debt owed to the ESM’s predecessor, the European Financial Stability Facility (EFSF), is €130.9 billion, for an average term of thirty years. This enormous debt burden is shouldered by a country with eleven million inhabitants and with a Gross National Product (GNP) per capita that ranks around fortieth place worldwide. 1 State debt in the Eurozone in general is around 90 percent of GNP, and in Italy it is above 130 percent. 2 Growth in both Greece and Italy is below the Eurozone average (2.5 percent). There is nearly full employment in Germany, i.e. unemployment is near 4 percent, but the unemployment rate is at 8.5 percent in the whole Eurozone, 11.0 percent in Italy, 8.8 percent in France, and a dismal 16.1 percent in Spain. 3

Key concepts: Debt, Unemployment, Gross domestic product, Economics, Per capita, European debt crisis, Debt crisis, European union

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