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A self-inflicted crisis. CEPS Commentary, 31 May 2012

De Grauwe, Paul. (2012) A self-inflicted crisis. CEPS Commentary, 31 May 2012. [Policy Paper]

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    Abstract

    This commentary observes that fear and panic are now the driving forces in the eurozone, splitting the area into two: pushing some into bad equilibria characterised by austerity and recession, and others into good equilibria allowing their governments to borrow at almost no cost. The responses adopted so far by the ECB and the European Commission reflect a fundamental misunderstanding of the crisis and fail to assuage the existential fears undermining confidence in the eurozone. The author outlines three essential steps to be taken to unify the eurozone.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    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: 04 Jun 2012 14:02
    Number of Pages: 2
    Last Modified: 04 Jun 2012 14:02
    URI: http://aei.pitt.edu/id/eprint/35336

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