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The twin shocks hitting the eurozone. CEPS Commentaries, 16 September 2008

De Grauwe, Paul. (2008) The twin shocks hitting the eurozone. CEPS Commentaries, 16 September 2008. [Policy Paper]

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    Abstract

    This CEPS Commentary explores the cause of the rapid and intense deterioration suffered by the eurozone business cycle since early 2007. It finds that the key explanation lies in the exchange rate of the euro and points a finger at the European Central Bank for abdicating its responsibility to intervene in the foreign exchange market and to oppose exchange rate developments that are out of touch with economic forces.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > Single Market > capital, goods, services, workers
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 18 Nov 2009
    Last Modified: 15 Feb 2011 18:15
    URI: http://aei.pitt.edu/id/eprint/11582

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