Sovereign debt crisis of the Eurozone countries


  • Sławomir Miklaszewicz Warsaw School of Economics



sovereign debt, crisis of the euro area, EMU monetary policy, European semester, fiscal pact, European stability mechanism


The aim of the publication is to examine the fiscal position of the euro area countries and fiscal policy architecture in Europe after the outbreak of the financial and economic crisis started in 2008. The first part of the publication consists of the analyses of the budgetary situation of euro area countries and complications with the increasing costs of servicing the public debt in the European market affected by the financial liquidity crisis. In the second section the most important changes in the framework of budgetary policies coordination process in the euro zone are presented. The final section describes the role and activities of the European Central Bank in minimising the negative consequences of the debt crisis in the euro zone.


Download data is not yet available.


Buti, M. & van den Noord, P. (2003). Discrctionary Fiscal Policy and Elcctions: The Expcrience of thc Early Years of EMU. OECD Economics Department Working Paper, No. 351. DOI:
Codogno, L., Favero, C., & Missale, A. (2003). Yield Spreads on EMU Government Bonds. Bank of America, London: IGIER, Universit? Bocconi and CEPR; Universit? di Milano. DOI:
Cour-Thimann, P., & Winkler, B., (2013). The ECB?s Non-standard Monetary Policy Measures the Role of Institutional Factors and Financial Structure. Working Paper Series, No 1528, Frankfurt.
Debrun, X., Hauner, D., & Kumar, M. S. (2009). Independent Fiscal Agencies. Journal of Economic Surveys, 23(1), DOI: 10.1111/j.1467-6419.2008.00556.x.
Hagemann, R. (2011). How Can Fiscal Councils Strengthen Fiscal Performance?, OECD Journal: Economic Studies, 1. DOI: _studies-2011-5kg2d3gx4d5c.
Hallerberg, M., Strauch, R., & von Hagen, J. (2005). The Design of Fiscal Rules and Forms of Governance in European Union Countries. European Journal of Political, 23(2). DOI:
Hallerberg, M., Strauch, R., & von Hagen, J. (2009). Fiscal Governance in Europe. Cambridge: CUP. DOI:
Kowalczyk, K. A. (2012). Draghi drukuje i ratuje. Wprost, 40.
Lane, P. R. (2012). The European Sovereign Debt Crisis. Journal of Economic Perspectives, 26(3). DOI:
Miruszewski, T. (2010). Polityka monetarna w strefie euro w okresie stabilizacji pokryzysowej. In M. Kalinowski & M. Pronobis (Eds.). Gospodarka. Nowe perspektywy po kryzysie. Warszawa: CeDeWu.
Pronobis, M. (2013). Czy Europejski Bank Centralny uratuje strefę euro?, Analiza natolińska nr 68. Warszawa: Centrum Europejskie Natolin.
Romana, A., & Bilana, I., (2012). The Euro Area Soverign Debt Crisis and the Role of EBC's Monetary Policy. Procedia Economics and Finance, 3.
Skrzypczyńska, J. (2012). Koordynacja polityki fiskalnej i pieniężnej strefy euro w obliczu kryzysu finansowego. Rocznik Integracji Europejskiej, 6.
The European Central Bank (2011). The European Stability Mechanism. Monthly Bulletin, July.




How to Cite

Miklaszewicz, S. (2016). Sovereign debt crisis of the Eurozone countries. Oeconomia Copernicana, 7(3), 357–373.