The Emergence And Evolution Of The European Sovereign Debt Crisis

In 2009,the European Sovereign Debt Crisis broke out from Greece.At the beginning,this crisis did not attract enough attention of other countries of euro zone.When the crisis spread rapidly,an increasing number of countries in euro zone were seriously affected.Although the crisis countries have gone through the most difficult period of this crisis,the negative impact of crisis are still existing.At present,the unemployment rates of some members of euro zone are still on a very high level and the economic growth rates do not return to the previous level,therefore,it is still necessary for the euro zone to govern the crisis.The European Sovereign Debt Crisis not only profoundly impacts the recovering process of economics of euro zone and even the whole Europe,but also the process of regional economic integration of euro zone.This crisis influences economics around the world through the paths of trade,finance and capital flows.Both the evolution and the govern of this crisis will affect both the world economic landscape and the economic growth of the world.This paper focus on the emergence,evolution of the European Sovereign Debt Crisis.First,On the basis of a wealth of macroeconomic data,this paper systematically analyzes the mechanism of the emerging and evolving of this debt crisis,integrating the Economic Crisis theory,the Credit theory,the Economic Globalization and Regional Economic Integration theory of Marxism Political Economics,and the characteristics of modern capitalism,reaching a conclusion that the European Sovereign Debt Crisis is a result of the developing and deepening of the basic contradiction of capitalism.Then this paper analyzes the European Sovereign Debt Crisis with the Social Structure of Accumulation Theory and states that the industrial relationships in Europe has experienced changes from a relatively harmonious stage to a confrontational stage during the period of European Sovereign Debt Crisis.The present system of the Social Structure of Accumulation exerts an obstructive influence on the accumulation of capital.The European Sovereign Debt Crisis is a result of the capitalist economy reaching to a recession stage.After that,this paper analyzes the game playing between labor and capital,crisis country and rescue party.It finds out the path of game that is most conforming to policy expectation and its prerequisite from the analytic result of the Evolutionary Game model and concludes that the final strategic set of game parties will converge to different strategic sets when the prerequisite is different so that this crisis can be governed by regulating the prerequisite of the strategic set.Finally,this paper proposes some policies for governing the European Sovereign Debt Crisis and points out that China can acquire some revelations from this debt crisis.