Comparision of the causes and and process of the economic and financial crisis in the EMU periphery (the PIIGS countries)

This bachelor thesis deals with the causes and process of the economic and financial crisis in the selected countries of the European Monetary Union, the attention is paid to the member states which are known as PIIGS. The causes and the process of the crisis is analyzed on the basis of the current account of balance of payment from the point of view of the savings and investment rates in each of all economic sectors and the real effective exchange rate. The causes may vary across the countries. The thesis is divided into a theoretical part which characterizes the national accounting as a basis for examining the external imbalance and the real effective exchange rate to assess competitiveness these countries on the international level. It also includes a practical part where the work is already delivering empirical verification of the mentioned themes in the theoretical part for each of those five peripheral eurozone countries and Germany, as a financially stable country.