The development of the european sovereign debt crisis in the first quarter of the XXI century

In the early 2010 s, the economic system of the united Europe faced a number of serious problems caused by debt burden, which are most acute in the public finance sector. The article analyzes the development of the European sovereign debt crisis in the first quarter of the 21 st century, to overcome which a number of non-traditional monetary instruments were incorporated into the monetary policy of the European Central Bank. Gives an assessment of the current state of the debt issue in the euro area and the possibilities of its resolution in the short term. The relevance of the topic is due to a new stage of aggravation of the debt crisis of the European Union countries and the risk of their disintegration against this background.

Keywords: EU; euro area; debt crisis; sovereign debt; modern theory of money; monetary policy; disintegration.