The coverage of the main criteria in Stability and Growth Pact by the EU member states has been examined for the period 2002-2015. The study results suggest that the EU member states failed to implementing the major criteria in Stability and Growth Pact is not a factor to provoke the Euro area debt crisis. Further reforms in institutional framework of economic and monetary union in EU in the current economic and political conditions.


Key words

Euro area debt crisis, Stability and Growth Pact, PIIGS



Илков, Ив. (2014). Фискалните проблеми на Еврозоната. Икономическа мисъл, 2014/3, с. 81-104
Николов, Ч. (2011). Световната икономика, ЕС, България. Международни отношения, 2011/4, с. 43-48
Статева, Й. (2011а). Европейският паричен съюз – стратегически замисъл, развитие и съвременни реалности. Международни отношения, 2011/1, с. 69-82
Статева, Й. (2011б). Възникване и развитие на кризата на държавните дългове в Европейския Паричен Съюз. Икономическа мисъл, 2011/6, с. 3-21
Стиглиц, Д. (2016). Голямото разделение. Неравните общества и какво можем да направим за тях. Превод от Stiglitz, J. (2014). The Great Divide. Unequal Societies and Wath We Can Do About Them. W. W. Norton & Company, New York London, направен от Филипова, Ел. „Изток-Запад”, 2016 г.
De Grauwe, P. (2011a). The Governance of a Fragile Eurozone. Working Document No. 346, CEPS, Brussels, May
De Grauwe, P. (2011b). Managing a Fragile Еurozone. Cesifo Forum, 2/2011, pp. 40-45
De Grauwe, P. and Ji, Y. (2014). The Future of the Eurozone. The Manchester School 15–34 Supplement 2014, pp. 15-34
De Grauwe, P. and Ji, Y. (2015). Has the Eurozone Become Less Fragile? Some Empirical Tests. CESIFO Working Paper No. 5163, Category 7: Monetary policy and international finance, January 2015
Eichengreen, B. (2007). The Breakup of the Euro Area. University of California, Berkeley Draft, May
Feldstein, M. (1997a). The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability. Journal of Economic Perspectives, 11(4), pp. 23–42
Feldstein, M. (1997b). EMU and international conflict. Foreign Affairs, vol. 76, n. 6, November/December
Friedman, M. (1997). The Euro: Monetary Unity To Political Disunity? Project Syndicate, August 28
Higgins, M. and Klitgaard, T. (2011). Saving Imbalances and the Euro Area Sovereign Debt Crisis. Current Issues in Economics and Finance, Volume 17, Number 5, Federal Reserve Bank of New York
Lapavitsas, C. et al. (2012). Crisis in the Eurozone. Verso Books, Sep. 11, 2012
Reinhart, C. and Rogoff, K. (2009). This Time is Different: Eight Centuries of Financial Folly. Princeton University Press
Reinhart, C. and Rogoff, K. (2010a). Growth in a time of debt. American Economic Review: Papers & Proceedings, 100 (May 2010)
Reinhart, C. and Rogoff, K. (2010b). Growth in a time of debt. NBER Working paper series, No 15639
Saka, O., Fuertes, A. and Kalotychou, E. (2014). ECB Policy and Eurozone Fragility: Was De Grauwe Right? Working Document No. 397, CEPS, Brussels, June
Soros, G. (2012a). Lead or leave euro. Soros tells Germany. Interview by Peel, Q., Financial Times, 9 September.
Todorov, I. (2012a). The Euro area membership of Bulgaria in the context in the debt crisis. Journal of International Relations 1336-1562. 12/2012; X(3/2012):41-52.
Todorov, I. (2012b). The sovereign debt crisis in the euro area: causes and effects. South-East European Countries towards European Integration, 20 October 2012, pp. 499-501, 10/2012
Wolf, M. (2012a). Does austerity lower deficits in the eurozone? The New York Times. London. 1 May
Wolf, M. (2012b). Why Exit is an Option for Germany. Financial Times, 22 September
Ангелов, Ив. (2012а, декември 11). Икономическата и финансовата криза в Европейския съюз /Първа част/. Взето на 23.4.2016 г. от http://avtorski.pogled.info/article/41327/Ikonomicheskata-i-finansovata-kriza-v-Evropeiskiya-sayuz-Parva-chast
Ангелов, Ив. (2012б, декември 11). Икономическата и финансовата криза в Европейския съюз /Втора част/. Взето на 23.4.2016 г. от http://avtorski.pogled.info/article/41328/Ikonomicheskata-i-finansovata-kriza-v-Evropeiskiya-sayuz-Vtora-chast
Eichengreen, B. (2012, January 12). Europe’s vicious spirals. Retrieved April 10, 2016, from http://globalpublicsquare.blogs.cnn.com/2012/01/12/eichengreen-europes-vicious-spirals/
European Council (2012, June 26). Towards a Genuine Economic and Monetary Union. Retrieved April 20, 2016, from http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/131201.pdf
Eurostat (2016). Database. Retrieved April 26, 2016, from http://ec.europa.eu/eurostat/data/database
Krugman, P. (2012a, February 19). Pain Without Gain. The New York Times, Retrieved April 10, 2016, from http://www.nytimes.com/2012/02/20/opinion/krugman-pain-without-gain.html?_r=2&ref=paulkrugman
Krugman, P. (2012b, May 23). Paul Krugman on Euro Rescue Efforts: 'Right Now, We Need Expansion'. Spiegel Oline, Retrieved April 10, 2016, from http://www.spiegel.de/international/business/interview-with-economist-paul-krugman-on-euro-zone-rescue-efforts-a-834566.html
Krugman, P. (2013, February 22). Paul De Grauwe and the Rehn of terror. The Conscience of a Liberal (blog), New York Times Retrieved April 12, 2016, from http://krugman.blogs.nytimes.com/2013/02/22/paul-de-grauwe-and-the-rehn-of-terror/?_r=0
Rogoff, K. and Bulow, J. (2015, June 10). The modern Greek tragedy. Retrieved April 12, 2016, from http://www.voxeu.org/article/modern-greek-tragedy
Roubini, N. (2007, June 26). EMU: Divergence or Convergence? Economonitor, Retrieved April 12, 2016, from http://www.economonitor.com/nouriel/2007/06/26/emu-divergence-or-convergence/
Schiff, P. (2012, February 15). A Science About which Paul Krugman Knows Very Little. Retrieved April 10, 2016, from http://finance.townhall.com/columnists/peterschiff/2012/02/15/economics_a_science_about_which_paul_krugman_knows_very_little/page/full/
Soros, G. (2012b, September 27). The Tragedy of the European Union and How to Resolve It. The New York Review of Books, Retrieved April 12, 2016, from http://www.nybooks.com/articles/2012/09/27/tragedy-european-union-and-how-resolve-it/


Full Text: PDF (Bulgarian)