The current economic crises and policy proposals for the future of the Euro Zone: an Austrian theory perspective. (1st January 2012)

• Record Type: Journal Article
• Authors: Maier, Myriam J.
• Is Part Of: International journal of education economics and development. Volume 3:Number 4(2012)
• Page Start: 348
• Page End: 362
• Publication Date: 2012-01-01
• Subjects: economic crisis -- laissez-faire -- Austrian economic thought -- Euro Zone -- monetary/fiscal policies -- economic surveillance -- European Union -- EU; Education -- Economic aspects -- Periodicals; 338.473705
• Languages: English
• ISSNs: 1759-5673

Abstract

The current global financial crisis involves a wide range of situations in which economies, financial institutions, and assets have lost a substantial portion of their value. Banking panics, financial crisis associated with financial bubbles' bursts, sovereign debt defaults, and currency crisis were also contributing factors to the crisis. The convergence of different economies has resulted in great contribution towards the achievement of common economic objectives. This is a big factor towards the establishment of a strong economic future for the global economy as well as for the Euro Zone as discussed in the context of this review. The establishment of an integrated economic system results in laissez-faire and liberalised economics with the common monetary and fiscal policies optimising the economic performance of the union which ensures limited individual economy's government interference as proposed by the Austrian School's economics.