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BETWEEN THE LINES OF THE EUROPEAN TREATIES circumvent a SPECTRUM: The private debt Fooglio Journal March 7

AND THE PAPER IS ...
BETWEEN THE LINES OF THE EUROPEAN TREATIES circumvent a SPECTRUM: private debt. The external debt crisis that is gripping many states dell''eurozona, argues Jerome L. Stein Brown University in CESifo Working Paper Series No.3348 ("The Diversity of Debt Crises in Europe"), is very different from those in the past have focused on Latin America, Asia and Russia. So the treatment adopted in those cases - substantially increased regulation and stricter control of public finances - can only be part of the solution.
in the euro, the Treaty first the Maastricht and Stability Pact and already contained the elements for an effective regulation and strict controls but related only to the public finances and its aggregates. In these aggregates, particularly the balance of public finance, has been given the attention of "controllers" technical and political. Both the first than the latter ignored the problem of over-indebtedness (especially abroad) of the private sector, the true spring of the crisis. Stein admits he does not have a recipe to avoid the recurrence of a crisis of over-indebtedness of the private sector, but points out that in the schemes he's working on the Eurogroup, it will deepen the theoretical foundations and empirical finding rimedi tali da non esacerbare i controlli su banche e imprese. (Giuseppe Pennisi)