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A comment on De Grauwe's, “The legacy of the Eurozone crisis and how to overcome it”

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  • Jensen, Mark J.

Abstract

De Grauwe (2016) argues that it has been the asymmetric economic policies of the European Commission where credit nations have benefited at the expense of debtor nations that have fueled the Euro Crisis. In this short comment I provide an alternative explanation for the amplification and persistence experienced by the Eurozone economy during the double-dip recessions of 2008 to 2009 and 2011 to 2013. The Euro crisis can be traced back to contractionary monetary policies made by the European Central Bank at a time when the Eurozone required expansionary monetary policy.

Suggested Citation

  • Jensen, Mark J., 2016. "A comment on De Grauwe's, “The legacy of the Eurozone crisis and how to overcome it”," Journal of Empirical Finance, Elsevier, vol. 39(PB), pages 166-168.
    • Handle: RePEc:eee:empfin:v:39:y:2016:i:pb:p:166-168
    DOI: 10.1016/j.jempfin.2016.07.011
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    1. De Grauwe, Paul, 2016. "The legacy of the Eurozone crisis and how to overcome it," Journal of Empirical Finance, Elsevier, vol. 39(PB), pages 147-155.
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