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Back to the Future: Revisiting the European Crisis

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Abstract

Recent financial developments are calling into question the future of regional economic integration. Market confidence deteriorates across countries in a contagious way. The place is Europe, the time is . . . now? Or twenty years ago? In fact, in the early 1990s Europe went through a systemic crisis that displays remarkable similarities to today’s events. In this post, we go back to those momentous times and briefly recall how the last Europe-wide crisis started, unfolded, and concluded. The 1992 crisis was eventually resolved, suggesting that there may be some light at the end of the current tunnel as well.

Suggested Citation

  • Paolo Pesenti, 2011. "Back to the Future: Revisiting the European Crisis," Liberty Street Economics 20111017, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86770
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    More about this item

    Keywords

    Financial Crisis; EMU; Europe; ERM;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • N2 - Economic History - - Financial Markets and Institutions

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