Date: May 06, 2014
Time: 2:00 PM
Venue: C.P. Romulo Hall, NEDA sa Makati Bldg., Amorsolo Street, Makati City
The Philippine Institute for Development Studies will hold a Pulong Saliksikan on The Euro Area: Recent Events and Prospects on May 6, 2014 from 2 to 4 pm. The presenter is Prof. Lino Briguglio of the Faculty of Economics, Management and Accountancy, University of Malta.
Prof. Briguglios presentation will cover the history and institutions of the European Union (EU) as well as about the economies of the 28 member-states; the evolution of the European Economic and Monetary Union and the setting up of the Eurozone, which is underpinned by the Stability and Growth Pact; and the factors that led to the euro crisis. The European sovereign debt crisis has resulted from a combination of a number of factors, including: the globalization process that led to increased possibilities of contagion; the regulatory lax on credit conditions that led to high-risk lending and borrowing by banks; real-estate speculation leading to bubbles, as was the case of Spain; slow economic growth and the global recession in 2008-2009 that particularly affected the economy of Portugal; and circumvention of rules and hiding deficits and debt levels, as was the case of Greece and Italy. He will also discuss the measures that are being taken within the EU to strengthen the European and Monetary Union and to create fiscal harmonization within the 17 members of the Eurozone.