Sovereign crisis and adjustment policies in the Euro zone and Implications in emerging countries

Abstract

This article analyzes the current situation of the Eurozone crisis, from 2007 to present, and its implications on the sovereignty of the largest countries of the zone. The debt crisis is not the central theme for the examination of the development of these nations, but rather the structural aspects regarding the dynamic of productive and financial accumulation and their impact on growth and employment and the repositioning of the financial system, particularly banks. This has granted them a greater spatial push, with effects over sovereignty, through the adoption of monetarist inspired policies and the rejection of Keynesian style counter cyclical policies and the promotion of economic growth.