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Two crises, two responses. Bruegel Policy Brief 2010/01, March 2010

Pisani-Ferry, Jean. and Sapir, Andre and Marzinotto, Benedicta. (2010) Two crises, two responses. Bruegel Policy Brief 2010/01, March 2010. [Policy Paper]

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    Abstract

    The crisis in Greece presents an extraordinary test for the euro, but also an opportunity to strengthen, and apply more diligently, existing procedures governing the economic and monetary Union. This Policy Brief authored by Bruegel Director Jean Pisani-Ferry, Senior Fellow Andre Sapir and Resident Fellow Benedicta Marzinotto emphasises the need for a more nuanced understanding of the different kinds of crises affecting euro members. Using Spain and Greece as examples, this paper makes policy recommendations for both scenarios. It explains how budgetary surveillance can be strengthened to prevent crises. It says the scope of Article 143 of the Lisbon Treaty should be extended and a clear and predictable conditional assistance regime put in place for effective crises management in the euro area.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Countries > Spain
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Countries > Greece
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 05 Apr 2010
    Page Range: p. 8
    Last Modified: 15 Feb 2011 18:27
    URI: http://aei.pitt.edu/id/eprint/13469

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