Discuss the accounting problems in the European sovereign debt crisis: what were the issues of accountability, representation and control that played a part in the crisis?

Notes:
There is a great amount of material available from contemporary sources (news analysis, official reports, etc.) on the European sovereign debt crisis, and there is still much argument about the cause, effects and possible solutions. Be aware that different commentators who wrote about the crisis bring together different facts and interpret them in their own ways, therefore they produce different narratives, different stories of what happened and why. You will need to carefully work out what the relevant facts are for your own argument, and which story you choose. For example, Greece is often mentioned in these news and reports in a derogatory way, as a backward and corrupt country where people intentionally cheat whenever they can. Obviously, this kind of viewpoint will not be helpful for your analysis.

First you will need to provide a reasonably brief analysis of the problems facing the Euro, and their causes, focusing on accounting and sovereign debt. There are many possible starting points, although the most obvious is probably Greece, where a discussion of the conditions of entry to the Euro and of Greek government finances would be illuminating. Go to the University Library and use the resources there to conduct your research; you are also encouraged to consult the librarians on how to find information.

You will then discuss the implications on accountability, representation and control of international interdependence. For example, how do national accounting and banks’ own accounts interrelate in the case of banks that held Greek bonds? A very different essay could be constructed by starting with not Greece but for instance Cyprus, Ireland, Spain, Italy, France, or even Germany or the UK (the latter is watching the crisis from a very different viewpoint). From whichever position you begin, you will need to consider the relationships between different countries as the Eurozone is a highly interdependent system and in general, crisis is not isolated to one country.

The base of your argument should come from the module materials, primarily the readings (required and additional). Avoid making obvious points about representation, accountability, and control. For example, to say that “the national accounts of the Greek government were not representing the true state of the economy” is not enough as it is a very general and empty point. To go beyond such simple statements, you will take specific ideas from the module readings (required and additional) and you will use those ideas to develop a coherent argument about the crisis. As an optional addition, you may briefly refer to insights from the literatures on international public administration and capital markets research.

Criteria for a good essay:

Evidence of reading beyond standard textbooks and lecture notes.
Coherent, comprehensive, and reflective critique of existing ideas and literature.
Accurate understanding of key concepts and ideas.
Imagination and originality.
Clear development of the argument(s) contained in the essay.
The essay should flow in a way that enables any reader to follow the argument(s) and see how the various points made are being used to answer the question.
For example, when you write your essay, consider the following points:

Before you write your essay, work out on paper a detailed outline of your argument.
In the essay introduction, you should set out your main themes and intentions: describe the issue you are addressing, identify its main components, and indicate what you are going to do in the body of your essay.
Break down your arguments into main parts – use this as a basis of your essay that will then be divided up into several sections (you may want to have a section title for each section).
Build up your argument point-by-point, section-by-section, so that you develop a picture that slowly develops in the reader’s mind.
Always try to put yourself in the position of a critical reader, ask yourself how s/he would react to your essay, how s/he would understand it, be persuaded by it.
Do not simply describe the ideas and literature you’re dealing with, provide a critical evaluation.
Summarize your arguments in conclusion. What is the main significance of what you have been saying?

Please correct the essay and take into account the comments:
“While your essay shows some good analysis on accountability in current EU debt crisis, I’ve surprisingly found that you’ve failed to complete the analysis of representation and control, or you have no idea what it is. You’ve generally failed to address the outline of your assignment, which reflects your limited understandings on the role of accounting in current EU crisis.

Second marker comments:

I agree with the first marker’s assessment. Unfortunately the essay is unfinished and does not include two out of three main aspects of analysis. In terms of structure, the essay is clearly written and structured, however it is overwhelmingly focused on the role of accounting in the financial crisis more generally, and the concrete plans to harmonize public accounting standards. This could be moved to the section on accounting representations but you would need to discuss these issues by referring to the relevant literature we discussed in the module and give longer examples from the Eurozone crisis. In other words, stay focused on the question and have less of the general discussions of accounting’s role.”


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