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Avoiding a new European divide. Bruegel Policy Brief 2008/10, December 2008

Pisani-Ferry, Jean and Darvas, Zsolt. (2008) Avoiding a new European divide. Bruegel Policy Brief 2008/10, December 2008. [Policy Paper]

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    Abstract

    The financial crisis, which is now hitting the new member states severely, highlights the shortcomings of the existing institutional architecture in Europe. Current strains reflect a revaluation of risks but they also result from policy mistakes. For many years, growth in the new member states has relied on massive inflows of foreign capital that are now being called into question. Some of the non euro-area new member states suffer from serious vulnerabilities, to which policy has been slow to respond. Crisis management in the euro area has also had the unintended consequence of putting non euro-area new member states at a disadvantage. These are unhealthy developments and without decisive action, a new political and economic divide within Europe may emerge.

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    Item Type: Policy Paper
    Uncontrolled Keywords: Financial crisis; crisis management.
    Subjects for non-EU documents: 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: 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: 08 Jan 2009
    Page Range: p. 8
    Last Modified: 15 Feb 2011 18:04
    URI: http://aei.pitt.edu/id/eprint/9889

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