Özet:

The European debt and banking crisis, leaving almost five years behind, has been still continuing by escalating. As the financial strains and concerns on government bonds has spread to the banking sector which has the vast majority of government bonds in their portfolios, there have been experienced severe blockages in bond issue and especially in short-term lending. This crisis has become as a major crisis which threatens all countries in Euro-area as well as the countries which appears relatively weak. As crisis continues and is expected to be converted a structural crisis with real-estate problems recently, we have the key question in front of us; on the one hand, the countries are in a situation to promote the growth in order to pay down debt and make their economies stronger, and on the other hand how can they maintain their economic austerity policies. There have been proposed several solutions to this dilemma since the beginning of the crisis and some of these solutions have been focused on, in especially 2012, selling of the gold reserves held by European central banks or using gold reserves to collateralise new government debt. Considering that some of the countries adversely affected by the crisis, such as Italy and Portugal has substantial amount of these gold reserves, it has been mostly believed by economists and politicians that these solutions could help alleviate the ongoing crisis in last years. In this study, the role of gold in economy and monetary system is analyzed by touching many points and evaluating the proposals in related to gold reserves made in order to alleviate the effects of crisis.

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