Die griechisch-europäische Krise: Ungleichgewichte, Finanzmärkte und die Stabilität des Euroraums.

The external imbalances in Europe have led the Europzone into a crisis. Out of three goals in international monetary policy, only two can be realized at the same time. By joining a monetary union a country has implicitly decided about these two goals. In order to stay competitive, wages and prices have to adjust to the targeted inflation rate of the common currency. This failed largely in Greek and other Southern-European countries. Thus, ending the Greek-European crisis requires a solution for this structural problem. According to the monetary union's present arrangements, full adjustment has to be taken by the Southern-European memeber states.