Closing panel

-currency crisis (euro crisis)

 banking crisis (Irish banks)

 crisis of relative exchange rate of EUR-USD

-shadow banking system

-surprising end of "great moderation"

 solvency problem "Minsky moment"

-supply side: misalocation of resources

 demand side: people can't buy so much!

-The aim of Central banks now is price stability

-What's the cause of crisis?

roots in financial sector? or EX rate and monetary policy?

-key factor: speculation is ignored

-What lead to the sovereign debt crisis? Asymmetry in fiscal policy (long standing); spend money in boom; after the boom to money to spend!