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Two crises, two responses

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  • Jean Pisani-Ferry
  • André Sapir
  • Benedicta Marzinotto

Abstract

The crisis in Greece presents an extraordinary test for the euro, but also an opportunity to strengthen, and apply more diligently, existing procedures governing the economic and monetary Union. This Policy Brief authored by Bruegel Director Jean Pisani-Ferry, Senior Fellow André Sapir and Resident Fellow Benedicta Marzinotto emphasises the need for a more nuanced understanding of the different kinds of crises affecting euro members. Using Spain and Greece as examples, this paper makes policy recommendations for both scenarios. It explains how budgetary surveillance can be strengthened to prevent crises. It says the scope of Article 143 of the Lisbon Treaty should be extended and a clear and predictable conditional assistance regime put in place for effective crises management in the euro area.

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File URL: http://www.bruegel.org/download/parent/392-two-crises-two-responses/file/872-two-crises-two-responses-english/
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Bibliographic Info

Paper provided by Bruegel in its series Policy Briefs with number 392.

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Date of creation: Mar 2010
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Handle: RePEc:bre:polbrf:392

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Cited by:
  1. Niamh Hardiman & Sebastian Dellepiane, 2010. "European Economic Crisis: Ireland in Comparative Perspective," Working Papers 201046, Geary Institute, University College Dublin.
  2. Silvia Merler & Jean Pisani-Ferry, 2012. "Sudden Stops in the Euro Area," Review of Economics and Institutions, Università di Perugia, vol. 3(3).
  3. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries: an early assessment," Blueprints, Bruegel, number 779, September.
  4. Herrmann, Sabine & Jochem, Axel, 2013. "Current account adjustment in EU countries: Does euro-area membership make a difference?," Discussion Papers 49/2013, Deutsche Bundesbank, Research Centre.
  5. Mongelli, Francesco Paolo, 2013. "The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?," Occasional Paper Series 144, European Central Bank.
  6. Sebastian Dellepiane Avellaneda & Niamh Hardiman, 2010. "The European Context of Ireland’s Economic Crisis," The Economic and Social Review, Economic and Social Studies, vol. 41(4), pages 473–500.

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