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Eurozone Debt Crisis: Reckless debtors or misguided rescuers? EuropEos Commentary No. 10, 26 May 2011

Micossi, Stefano (2011) Eurozone Debt Crisis: Reckless debtors or misguided rescuers? EuropEos Commentary No. 10, 26 May 2011. [Policy Paper]

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    Abstract

    Based on the latest round of difficulties to emerge from the Greek financial assistance programme, this commentary concludes that there are serious flaws in the design of the eurozone’s crisis management system that periodically push the members to the brink of financial meltdown. He warns that the same is bound to happen again with Ireland and Portugal, and each time with higher risks that the fabric of cooperation within the eurozone will tear irreparably. In order to fix them, he proposes three basic changes to the crisis management arrangements and the design of the European Stabilty Mechanism (ESM) decided in March by the European Council.

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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/reforms/economic governance
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > EuropEos Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 15 Dec 2014 16:11
    Number of Pages: 3
    Last Modified: 15 Dec 2014 16:11
    URI: http://aei.pitt.edu/id/eprint/58430

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