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The Eurozone Crisis

In: The Role of Central Banks in Financial Stability How Has It Changed?

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  • Richard Portes

    (London Business School, UK and CEPR, USA)

Abstract

The Eurozone crisis of autumn 2011 is a sequel to the financial crisis of 2008–2009. It would have been much easier to contain and resolve had there been no global financial crisis, no deep recession in the advanced countries. It is therefore too facile, indeed wrong, to say that the Eurozone crisis is essentially or even mainly due to inherent faults in the monetary union. Nevertheless, the crisis has exposed genuine faults that were neither manifest nor life-threatening before 2008–2009. They might have been remedied with gradual progress toward a deeper economic union. But all that is for the economic historians.We are where we are, and it is not pretty…

Suggested Citation

  • Richard Portes, 2013. "The Eurozone Crisis," World Scientific Book Chapters, in: Douglas D Evanoff & Cornelia Holthausen & George G Kaufman & Manfred Kremer (ed.), The Role of Central Banks in Financial Stability How Has It Changed?, chapter 23, pages 423-431, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814449922_0023
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