Date: April 23, 2014
Venue: C.P. Romulo Hall, NEDA sa Makati Bldg., Amorsolo Street, Makati City
The Philippine Institute for Development Studies (PIDS) held a Pulong Saliksikan on The Euro Area: Recent Events and Prospects on April 23, 2015, from 9:30 to 11:30 am, at the Romulo Hall of the NEDA sa Makati Bldg., 106 Amorsolo St., Legaspi Village, Makati City.
The presenter was Dr. Lino Briguglio, Professor of Economics and Director of the Islands and Small States Institute, University of Malta.
Prof. Briguglio explained the factors that led to the euro crisis, why it has lingered on until the present time, and why it is likely to continue for some time. The euro area crisis was originally connected with sovereign debt problems, which in turn were associated with regulatory lax on credit conditions and led to high-risk lending and borrowing by banks, real-estate speculation leading to bubbles, and lack of fiscal prudence. However, in recent years, the euro crisis has been exacerbated by slow economic growth and high unemployment rates. The crisis took a new twist in early 2015, following the Greek general elections, when the demands by the new Greek government led to uncertainty about the future of Greece in the euro area, which in turn created instability in the financial markets.
Prof. Briguglio also discussed the measures that are being taken by the European Central Bank to stimulate growth within the European Union and to strengthen fiscal harmonization among the 18 members of the Eurozone. He also provided some implications of the euro area developments to the member-countries of the Association of Southeast Asian Nations.
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