歐債危機肇因與歐盟策略之研究

The study about the causes of the Eurozone debt crisis and the European Union’s strategy

王立辰(Li-Chen Wang)

指導教授 ： 丘邦翰

元智大學/管理學院/管理碩士在職專班/碩士(2012年)

摘要

2009年底希臘爆發債信危機，引發歐元成立以來最大危機，將導致歐盟國家與整個國際金融市場都難以倖免。本論文針對歐債危機肇因與歐盟策略採用文獻分析法與個案研究法進行研究，發現除了全球金融海嘯為近因之外，遠因則為歐元區國家結構性問題，如南北歐經濟體質差異過大、貨幣與財政政策分離等，輔以「穩定與成長公約」毫無約束力，以及會員國的自利心態所造成。而歐盟策略除了要求債務危機國家撙節支出，另外就是各種金援紓困，但治本方法則是成立財政聯盟，達成財政統合。本論文建議如下：
一、德、法應嚴格遵守歐盟規範，以身作則。
二、歐元區債務危機國家應致力撙節支出並改善財政結構。
三、逆差會員國應壓低生產成本與價格，順差會員國則提高國內民間需求，平順調整經濟失衡與差異。
四、長期應致力於改善經濟結構以減少信用市場與資產價格泡沫之發生。
五、歐元集團官方職能應強化，並對各國進行調節之認定與共同診斷上扮演協調角色。

關鍵字

債務危機 ； 歐債危機 ； 歐洲主權債務危機

並列摘要

Greek credit crisis occurring in 2009, not only led to the biggest crisis since Euro issued but also trapped the European countries and the whole international financial market in a trouble. To analyze the causes of the Eurozone debt crisis and the European Union’s strategy, the content analysis and the case study method were adopted in this research. It was found that the immediate cause was the global financial tsunami. On the other hand, the remote cause was the structural problems of Euro countries, such as the vast economic differences between the southern Europe and the northern Europe as well as the split between the monetary policy and the financial policy. In addition, there was no official constraint of the Stability and Growth Pact and the self-concern of each member also resulted in this Eurozone crisis. Therefore, the European Union required the member countries in debt crisis decreased their expenditure; besides, they tried every way to make bailout. However, the permanent cure was to set up the financial union to consolidate the financial policies of the different countries. The suggestions are listed as below:

I. Germany and France should comply with the norm of European Union to practice what they preach.
II. The Europe countries in debt crisis should take efforts to reduce their expenditure and improve their financial structure.
III. The members with a trade deficit ought to cut down their production costs and the price; conversely, the members with a trade surplus ought to increase their domestic demand. In this way, the economic unbalance and difference could be adjusted gradually.
IV. In the long term, it is advised to improve the economic structure in order to avoid the bubbles of the credit market and the asset price.
V. The official Euro group should strengthen their functions and play an important role in modulating and diagnosing the countries collectively.

並列關鍵字

Debt crisis ； European debt crisis ； Europe sovereign debt crisis

參考文獻

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