capital markets 101: the european debt crisis
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Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
GDP per Nation/Region 2011 (Source: IMF)
Country/Region GDP (million US $)
European Union 17,577,691
United States 15,094,025
Eurozone 13,104,996
Germany 3,577,031
France 2,776,324
Greece 303,065
Portugal 238,880
Ireland 217,669
Spain 1,493,513
Italy 2,198,730
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Yield on €-Zone Government Bonds (10 Y)
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Spreads on €-Zone Government Bonds over German Bonds (10 Y)
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Unit Labor Costs in €-Zone Countries
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
0
20
40
60
80
100
2007 2010 2011 2012 2013 2014 2015
USA
Eurozone
Germany
UK
Government Gross Debt in % of GDP („debt to GDP ratio“)
Source: IMF World Economic Outlook Database, April 2012
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Fiscal Balance (Budget Deficit)
-14
-12
-10
-8
-6
-4
-2
02008 2009 2010 2011 2012 2014
Source: IMF World Economic Outlook Database, April 2012
USA
Eurozone
Germany
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Percentage of GDP Per Nation in €-Zone (2011)
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
GDP per Nation in % of €-Zone GDP (2011)
0
5
10
15
20
25
30
Germany France Greece Portugal Ireland Italy Spain
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
2011 GDP per Nation in % of €-Zone GDP (billion US $)
0
10
20
30
40
50
60
Germany+France Greece+Portugal+Ireland Italy+Spain
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Central Bank Balance Sheet Expansion, 2008-2012
Peter FischerHead of Economic AffairsEmbassy of the Federal Republic of Germany
Capital Markets Initiative 13/07/2012
Central Bank Outright Asset Holdings, June 2012
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