This thesis examines current problems in eurozone with special focus on international trade. An important part of the research will be the impact of the economic crisis which came to Europe in 2008. First chapter describes the development of eurozone's exports and imports between years 2001 and 2011. It analyses changes and trends in the commodity and territorial structure of eurozone's foreign trade. Some important issues which are linked to these topics are discussed in the first chapter as well, including current bargaining for bilateral free trade agreements. Second chapter deals with macroeconomic imbalances between the northern and the southern part of eurozone. It tries to identify reasons which caused this problem and assesses the role of euro in it. Finally, it offers some possible ways to adjustment between the both country groups. Third chapter concerns with the competitiveness of eurozone's members and measures how it has changed since the beginning of the crisis. In the second part of this chapter, selected weaknesses of the Italian competitiveness are stated together with a comparison with Germany. Final summary recapitulates previous chapters and presents the most important findings.

Submitted by Renata Lopes (renatasil82@gmail.com) on 2016-03-29T15:32:26Z No. of bitstreams: 1 luizantoniodelimajunior.pdf: 940500 bytes, checksum: 086d20dfec87df8b8162f3516f1efb0e (MD5) / Approved for entry into archive by Adriana Oliveira (adriana.oliveira@ufjf.edu.br) on 2016-04-24T02:49:02Z (GMT) No. of bitstreams: 1 luizantoniodelimajunior.pdf: 940500 bytes, checksum: 086d20dfec87df8b8162f3516f1efb0e (MD5) / Made available in DSpace on 2016-04-24T02:49:02Z (GMT). No. of bitstreams: 1 luizantoniodelimajunior.pdf: 940500 bytes, checksum: 086d20dfec87df8b8162f3516f1efb0e (MD5) Previous issue date: 2013-12-17 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / Este trabalho estudou a dinâmica da relação entre o saldo externo chinês e o saldo externo norte-americano nos primeiro anos do século XXI. O estudo desta dinâmica se justifica uma vez que a mesma é apontada por muitos autores como uma das causas da crise subprime, ocorrida em 2008. Enquanto a China exerceu uma política externa agressiva, por meio de várias práticas como câmbio muito desvalorizado, tendo crescentes superávits em suas contas externas, os EUA tiveram crescentes déficits em suas contas externas, apoiados em déficits públicos e pela política monetária frouxa praticada pelo FED que provocou o forte aumento no consumo norte-americano. Com a finalidade de estudar esta dinâmica foram usados os testes de exogeneidade fraca, exogeneidade forte e superexogeneidade para mostrar a existência da relação entre o saldo externo destes dois países. Além disto, foram executados testes de causalidade no sentido de Granger na abordagem de Toda-Yamamoto (1995). A periodicidade dos dados usados engloba o primeiro trimestre de 1999 até o último trimestre de 2011, abarcando acontecimentos do pré-crise e do pós-crise. A conclusão que este trabalho chegou foi que realmente o desequilíbrio macroeconômico entre China e EUA tem uma relação causal, uma vez que, o teste de causalidade no sentido de Granger mostrou existir bicausalidade. Além disso, estes desequilíbrios estão relacionados com a crise de 2008, uma vez que foram detectadas quebras estruturais para o saldo externo dos dois países no ano de 2008 e a dinâmica do saldo em transações correntes do saldo externo chinês se modificou após a crise sbuprime. / This dissertation was a study of the global imbalances that occurred in the first years of twenty-first century. The analysis encompasses the two biggest countries in the world: USA and China. Many authors are defending that the relationship between the current account of these two countries was one important cause of the subprime crisis. While USA has increased its deficit in the last decade, China has improved its surplus. To investigate this relationship, this study used exogeneity tests. Moreover this dissertation used causality Granger tests in approach of Toda-Yamamoto. The results showed that there is a real causal relationship between USA and China external balance. Furthermore the global imbalances between these two countries contributed to the subprime crisis, because in the tests were detected structural breaks for the external balance of American and Chinese in 2008. The dynamics of the Chinese external balances changed after the subprime crisis.

The main aim of the Thesis is to evaluate the impact of introduction of so called Macroeconomic Imbalance Procedure (MIP) on the european economic governance system. This procedure was adopted as one of many measures by which the EU has responded to the economic crisis. The crisis has fully revealed, inter alia, inadequate coordination of economic policies in the EU. For a long time has been the tighter form of the coordinaton focused only on indicators of fiscal discipline. The first chapter of this thesis provides an explanation of the concept of european economic governance and its development since the signing of Treaty of Rome. The second chapter is devoted to the development and impact of the economic crisis in the EU and the measures that have been adopted at EU level in order to improve european economic governance. The core of the thesis is the third chapter which focuses on the analysis of development of indicators monitored during MIP. The fourth chapter provides an overview of the aspects that are newly included in European economic governance thanks to MIP.