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The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions

The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions

Francesco Giavazzi
0/5 ( ratings)
The EZ Crisis is a long way from finished. The latest VoxEU eBook presents a consensus view of what caused the Crisis and why. It argues that this was a classic ‘sudden stop’ crisis – not a public-debt crisis. Excessive, cross-border lending and borrowing among EZ members in the pre-Crisis years – much of which ended up in non-traded sectors – was why Greece’s deficit deceit in 2009 could trigger such a massive crisis. The ultimate causes were policy failures that allowed the imbalances to get so large, a lack of institutions to absorb shocks at the EZ level, and poor crisis management.
Language
English
Pages
47
Format
Kindle Edition
Release
September 07, 2015

The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions

Francesco Giavazzi
0/5 ( ratings)
The EZ Crisis is a long way from finished. The latest VoxEU eBook presents a consensus view of what caused the Crisis and why. It argues that this was a classic ‘sudden stop’ crisis – not a public-debt crisis. Excessive, cross-border lending and borrowing among EZ members in the pre-Crisis years – much of which ended up in non-traded sectors – was why Greece’s deficit deceit in 2009 could trigger such a massive crisis. The ultimate causes were policy failures that allowed the imbalances to get so large, a lack of institutions to absorb shocks at the EZ level, and poor crisis management.
Language
English
Pages
47
Format
Kindle Edition
Release
September 07, 2015

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