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Unholy compromise in the eurozone and how to right it

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  • Micossi, Stefano

Abstract

This paper reviews the causes of the ongoing crisis in the eurozone and the policies needed to restore stability in financial markets and reassure a bewildered public. Its main message is that the EU will not overcome the crisis until it has a comprehensive and convincing set of policies in place; able to address simultaneously budgetary discipline and the sovereign debt crisis, the banking crisis, adequate liquidity provision by the ECB and dismal growth. The text updates and expands on his Policy Brief contributed in the run-up to the emergency European Council meeting at the end of June.

Suggested Citation

  • Micossi, Stefano, 2012. "Unholy compromise in the eurozone and how to right it," CEPS Papers 7175, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:7175
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    File URL: http://www.ceps.eu/system/files/book/2012/07/PB278%20SM%20Unholy%20Compromise.pdf
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    Cited by:

    1. Botta, Alberto & Tippet, Ben & Onaran, Özlem, 2018. "Divergence between the core and the periphery and secular stagnation in the Eurozone," Greenwich Papers in Political Economy 20405, University of Greenwich, Greenwich Political Economy Research Centre.
    2. Stanislav Skapa, 2013. "Commodities As A Tool Of Risk Diversification," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 8(2), pages 65-77, June.
    3. Ludek Kouba & Michal Mádr & Danuše Nerudová & Petr Rozmahel, 2015. "Policy Autonomy, Coordination or Harmonisation in the Persistently Heterogeneous European Union? WWWforEurope Working Paper No. 95," WIFO Studies, WIFO, number 58136, April.

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