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

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 Greeces' 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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Baldwin, R and F Giavazzi (eds) (2016), ‘The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

Citation

Wyplosz, C (2015), ‘The Eurozone crisis: Too few lessons learned‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

Citation

Feld, L, C Schmidt, I Schnabel and V Wieland (2015), ‘Divergence of liability and control as the source of over-indebtedness and moral hazard in the European Monetary Union‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Weder di Mauro, B (2015), ‘Causes of a continuing crisis: Not dealing with debt‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Tabellini, G (2015), ‘The main lessons to be drawn from the European financial crisis‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Pesenti, P (2015), ‘Structural reforms and monetary policy revisited‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Papaioannou, E (2015), ‘Eurozone Original Sin? Nominal rather than institutional convergence‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Micossi, S (2015), ‘What future for the Eurozone?‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Lane, P (2015), ‘International financial flows and the Eurozone crisis‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Gros, D (2015), ‘The Eurozone crisis and foreign debt‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Frankel, J (2015), ‘Causes of Eurozone crises‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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De Grauwe, P (2015), ‘Design failures of the Eurozone‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Corsetti, G (2015), ‘Roots of the Eurozone crisis: Incomplete development and imperfect credibility of institutions‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Bénassy-Quéré, A (2015), ‘Maastricht flaws and remedies‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Beck, T and J Peydro (2015), ‘Five years of crisis (resolution) – some lessons‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions

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Baldwin, R and F Giavazzi (2015), ‘Introduction: The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions‘, in Baldwin, R and F Giavazzi (eds), The Eurozone Crisis: A Consensus View of the Causes and a Few Possible Solutions, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/eurozone-crisis-consensus-view-causes-and-few-possible-solutions