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The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdis

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  • Corsetti, Giancarlo
  • Eichengreen, Barry
  • Hale, Galina
  • Tallman, Eric

Abstract

Why was recovery from the euro area crisis delayed for a decade? The explanation lies in the absence of credible and timely policies to backstop financial intermediaries and sovereign debt markets. In this paper we add light and color to this analysis, contrasting recent experience with the 1992–3 crisis in the European Monetary System, when national central banks and treasuries more successfully provided this backstop. In the more recent episode, the incomplete development of the euro area constrained the ability of the ECB and other European institutions to do likewise.

Suggested Citation

  • Corsetti, Giancarlo & Eichengreen, Barry & Hale, Galina & Tallman, Eric, 2020. "The Euro Crisis in the Mirror of the EMS: How Tying Odysseus to the Mast Avoided the Sirens but Led Him to Charybdis," Santa Cruz Department of Economics, Working Paper Series qt7tx7f2xw, Department of Economics, UC Santa Cruz.
    • Handle: RePEc:cdl:ucscec:qt7tx7f2xw
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    Cited by:

    1. Konstantinos Dellis, 2024. "Financial distance and FDI flows: Evidence from OECD economies," The World Economy, Wiley Blackwell, vol. 47(6), pages 2536-2573, June.
    2. Tudor – Mugurel AURSULESEI, 2023. "The influence of the COVID-19 pandemic crisis on the real convergence of the member states of the European Monetary Union," Junior Scientific Researcher, SC Research Publishing SRL, vol. 9(1-2), pages 1-10, July.

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