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...real-world economics review, issue no. 58 The Eurozone crisis: Looking through the financial fog with Keynesian glasses Jorge Buzaglo [Sweden] Copyright: Jorge Buzaglo, 2011 You may post comments on this paper at http://rwer.wordpress.com/2011/12/12/rwer-issue-58-jorge-buzaglo/ It is easy to become confused about what is really happening to the European economies. The media are totally focused on financial surface phenomena. Attention is given only to the developments in the financial markets, in particular the growing difficulties of the so called PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) for keeping on financing their government spending by increasing debt — as reflected by increasing spreads in interest rates (e.g. compared with German rates). However, looking just below the surface one discovers that the Eurozone is suffering from a kind of disequilibrium that is similar to the type of imbalance existing in the trade relationship between the US and China. The origin of the US-China imbalance can be found in the huge expansion of credit and debt in the US (a Minsky-type process), which financed a large consumption and import boom — including a boom in imports from China in particular. The vast import boom caused in turn a large US trade deficit and a growing external debt. External debts cannot grow indefinitely; at some point markets judge them unsustainable. With a de facto fixed exchange rate between the dollar and the yuan, the only way available...
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