Title: The current economic crises and policy proposals for the future of the Euro Zone: an Austrian theory perspective

Authors: Myriam J. Maier

Addresses: UGSM-Monarch Business School Switzerland, Flurstrasse 1, CH-6332 Hagendorn, Zug, Switzerland

Abstract: The current global financial crisis involves a wide range of situations in which economies, financial institutions, and assets have lost a substantial portion of their value. Banking panics, financial crisis associated with financial bubbles' bursts, sovereign debt defaults, and currency crisis were also contributing factors to the crisis. The convergence of different economies has resulted in great contribution towards the achievement of common economic objectives. This is a big factor towards the establishment of a strong economic future for the global economy as well as for the Euro Zone as discussed in the context of this review. The establishment of an integrated economic system results in laissez-faire and liberalised economics with the common monetary and fiscal policies optimising the economic performance of the union which ensures limited individual economy's government interference as proposed by the Austrian School's economics.

Keywords: economic crises; laissez-faire; Austria; economic theories; European Central Bank; ECB; European Union; EU; monetary policies; euro area; eurozone; single currency; currencies; monetary policies; fiscal policies; economic surveillance; global crises; financial crises; banking panics; financial bubbles; banks; financial bursts; sovereign debts; debt defaults; currency crises; currencies; economic convergence; common objectives; economic objectives; global economy; integrated systems; economic systems; liberalised economics; liberalisation; common policies; economic performance; individual economies; government interference; Austrian School; economics; economic thought.

DOI: 10.1504/IJEED.2012.052314

International Journal of Education Economics and Development, 2012 Vol.3 No.4, pp.348 - 362

Published online: 22 Feb 2013 *

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