IDEAS home Printed from
   My bibliography  Save this paper

A comprehensive approach to the euro-area crisis: Background calculations


  • Zsolt Darvas
  • Christophe Gouardo
  • Jean Pisani-Ferry
  • André Sapir


This background paper describes in detail the assumptions and calculations behind the results presented in Zsolt Darvas, Jean Pisani-Ferry and André Sapir "A comprehensive approach to the euro-area debt crisis", Bruegel Policy Brief No 2011/02, February 2011. An assessment of the results and policy conclusions can be found in the Policy Brief.

Suggested Citation

  • Zsolt Darvas & Christophe Gouardo & Jean Pisani-Ferry & André Sapir, 2011. "A comprehensive approach to the euro-area crisis: Background calculations," Working Papers 499, Bruegel.
  • Handle: RePEc:bre:wpaper:499

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Woodford, Michael, 2001. "Fiscal Requirements for Price Stability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 33(3), pages 669-728, August.
    2. Ansgar Belke & Thorsten Polleit, 2007. "How the ECB and the US Fed set interest rates," Applied Economics, Taylor & Francis Journals, vol. 39(17), pages 2197-2209.
    3. Henning Bohn, 1998. "The Behavior of U. S. Public Debt and Deficits," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 949-963.
    4. Jakob von Weizsäcker, 2009. "Estimating the size of the European stimulus packages," Policy Contributions 266, Bruegel.
    5. Valerie Cerra & Sweta Chaman Saxena, 2008. "Growth Dynamics: The Myth of Economic Recovery," American Economic Review, American Economic Association, vol. 98(1), pages 439-457, March.
    6. Olivier J. Blanchard, 1991. "Current and Anticipated Deficits, Interest Rates and Economic Activity," NBER Chapters,in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 361-390 National Bureau of Economic Research, Inc.
    7. Joseph E. Gagnon & Matthew Raskin & Julie Remache & Brian P. Sack, 2011. "Large-scale asset purchases by the Federal Reserve: did they work?," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 41-59.
    8. Benassy-Quere, Agnes & Coeure, Benoit & Jacquet, Pierre & Pisani-Ferry, Jean, 2010. "Economic Policy: Theory and Practice," OUP Catalogue, Oxford University Press, number 9780195322736, June.
    9. Adam S. Posen & Jean-Pisani Ferry (ed.), 2009. "Euro at Ten: The Next Global Currency?, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4303.
    10. Daniel J. Wilson, 2010. "Is the recent productivity boom over?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue sep20.
    11. repec:fip:fedgsq:y:2010:x:47 is not listed on IDEAS
    12. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303, January.
    13. Ben S. Bernanke, 2010. "Monetary policy objectives and tools in a low-inflation environment: a speech at the Revisiting Monetary Policy in a Low-Inflation Environment Conference, Federal Reserve Bank of Boston, Boston, Massa," Speech 546, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Zsolt Darvas, 2011. "Debt Restructuring in the Euro Area: a Necessary but Manageable Evil?," Working Papers 1104, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
    2. Batavia, Bala & Nandakumar, Parameswar, 2016. "Did EMU membership cause the “Dutch disease” in the PIGS nations?," Global Finance Journal, Elsevier, vol. 31(C), pages 31-41.
    3. repec:ces:ifodic:v:9:y:2011:i:3:p:16751944 is not listed on IDEAS
    4. Gilbert Koenig, 2011. "L’euro, handicap ou atout en cas de crise grave ?," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 24(1), pages 11-16, June.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bre:wpaper:499. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bruegel). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.