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

edited by Richard Baldwin Francesco Giavazzi

7 Sep 2016

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.

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The Eurozone crisis: Too few lessons learned

Charles Wyplosz

Citation

Wyplosz, C (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/eurozone-crisis-too-few-lessons-learned

Divergence of liability and control as the source of over-indebtedness and moral hazard in the European Monetary Union

Citation

Feld, L, C Schmidt, and I Schnabel (2015), “Divergence of liability and control as the source of over-indebtedness and moral hazard in the European Monetary Union“, in V Wieland (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/divergence-liability-and-control-source-over-indebtedness-and-moral-hazard-european

Causes of a continuing crisis: Not dealing with debt

Beatrice Weder di Mauro

Citation

Weder di Mauro, B (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/causes-continuing-crisis-not-dealing-debt

The main lessons to be drawn from the European financial crisis

Guido Tabellini

Citation

Tabellini, G (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/main-lessons-be-drawn-european-financial-crisis

Structural reforms and monetary policy revisited

Paolo Pesenti

Citation

Pesenti, P (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/structural-reforms-and-monetary-policy-revisited

Eurozone Original Sin? Nominal rather than institutional convergence

Elias Papaioannou

Citation

Papaioannou, E (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/eurozone-original-sin-nominal-rather-institutional-convergence

What future for the Eurozone?

Stefano Micossi

Citation

Micossi, S (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/what-future-eurozone

International financial flows and the Eurozone crisis

Philip Lane

Citation

Lane, P (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/international-financial-flows-and-eurozone-crisis

Causes of Eurozone crises

Jeffrey Frankel

Citation

Frankel, J (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/causes-eurozone-crises

Design failures of the Eurozone

Paul De Grauwe

Citation

De Grauwe, P (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/design-failures-eurozone

Roots of the Eurozone crisis: Incomplete development and imperfect credibility of institutions

Giancarlo Corsetti

Citation

Corsetti, G (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/roots-eurozone-crisis-incomplete-development-and-imperfect-credibility-institutions

Maastricht flaws and remedies

Agnès Bénassy-Quéré

Citation

Bénassy-Quéré, A (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/maastricht-flaws-and-remedies

Five years of crisis (resolution) – some lessons

Citation

Beck, T and J Peydró (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, London. https://cepr.org/chapters/five-years-crisis-resolution-some-lessons