The Problematic Dynamics of European Monetary Union and the Greece Debt Crisis

Abstract

This article evaluates the economic problems of Greece, a member of the EU, following the world financial crisis of 2008. It attempts to draw a theoretical framework on how policies of European Monetary Union (EMU) and the European Central Bank (ECB) may affect the economies of the Eurozone member countries with different levels of economic development. It specifically takes the economic conditions and the policies followed by Greece before and after the EMU membership into consideration in a historical manner. Also this article reviews the discussion on the basic dynamics and reasons that led to the sovereign debt crisis, namely, whether the internal factors (such as policy style of Greece, the effects of interest groups, or inefficiencies of the economic structure, etc) or the external factors (such as policies of EMU).

Keywords

• Greece Debt Crisis; European Monetary Union; Troika; European Central Bank; Center-Periphery Policies

Avrupa Para Birliği’nin Sorunlu Dinamikleri ve Yunanistan Borç Krizi

Öz

Bu çalışmada, Avrupa Birliği üyesi Yunanistan’ın 2008 yılında başlayan dünya finansal krizi sonrasında yaşadığı ekonomik sorunlar ele alınarak değerlendirilecektir. Öncelikle Avrupa Para Birliği (APB) ve Avrupa Merkez Bankası’nın (AMB) uyguladıkları politikalar ve ekonomi politikaları ilkeleri çerçevesinde para birliğine dâhil olan farklı ekonomik gelişmişlik düzeyindeki ülkelerin temel ekonomik göstergeleri üzerinde ne gibi etkileri olabileceğine dair teorik bir çerçeve çizilecektir. Ardından bu yapı içerisinde yer alan ülkelerden Yunanistan’ın, birliğe hangi ekonomik koşullar ve yapı altında girdiği, sonrasında ise ne tür politikalar takip ederek “Avro Bölgesi”nden çıkma alternatiflerinin bile dile getirildiği duruma nasıl geldiği tarihsel olarak incelenecektir. Krizi ortaya çıkaran temel dinamiklerin Yunanistan’a özgü siyaset yapma biçimi, ekonomi üzerinde etkili olan hâkim grupların davranışları, ekonomik altyapı yetersizlikleri gibi içsel nedenlerden mi yoksa AMB politikaları gibi dış dinamikler nedeniyle mi geliştiği yönündeki tartışmalar değerlendirilerek analiz edilecektir. 

Anahtar Kelimeler

• Yunanistan Borç Krizi; Avrupa Para Birliği; Troyka; Avrupa Merkez Bankası; Merkez-Çevre Politikaları

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