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Avoiding a new European divide

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  • Zsolt Darvas
  • Jean Pisani-Ferry

Abstract

The financial crisis, which is now hitting the new member states severely, highlights the shortcomings of the existing institutional architecture in Europe. Current strains reflect a revaluation of risks but they also result from policy mistakes. In this policy brief, Zsolt Darvas and Jean Pisani-Ferry show that some of the non euro-area new member states suffer from serious vulnerabilities, to which policy has been slow to respond. They believe that the crisis management in the euro area has had the unintended consequence of putting non euro-area new member states at disadvantage. These are unhealthy developments and without decisive action, a new political and economic divide within Europe may emerge.

Suggested Citation

  • Zsolt Darvas & Jean Pisani-Ferry, 2008. "Avoiding a new European divide," Policy Briefs 227, Bruegel.
  • Handle: RePEc:bre:polbrf:227
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    Cited by:

    1. Anders Aslund, 2009. "The East European Financial Crisis," CASE Network Studies and Analyses 0395, CASE-Center for Social and Economic Research.
    2. Zsolt Darvas, 2010. "The case for reforming euro area entry criteria," Society and Economy, Akadémiai Kiadó, Hungary, vol. 32(2), pages 195-219, December.
    3. Dabrowski, Marek, 2010. "The global financial crisis: Lessons for European integration," Economic Systems, Elsevier, vol. 34(1), pages 38-54, March.
    4. Zsolt Darvas, 2009. "The Baltic Challenge and Euro-Area Entry," Policy Contributions 357, Bruegel.
    5. Pop, Napoleon & Lupu, Iulia & Milea, Camelia & Iordache, Floarea & Mosneanu, Elena Ana & Ionascu, Silviu & Criste, Adina & Glod, Alina Georgeta, 2010. "Trends In The New Eu Member States Macroeconomic Policies To Adopt The Euro. Performance Of The Romanian Macroeconomic Policies To Adopt The Euro," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 14(1), pages 123-140.

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