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The Eurozone Debt Crisis: From its origins to a way forward

  • Valiante, Diego

As the Eurozone debt crisis reaches a turning point, this Policy Brief argues for a more organised intervention by the ECB to stop contagion through the creation of a quantitative easing programme, coupled with a political agreement among member states on a more federalist budget for the Eurozone. The roots of this crisis and how institutions have repeated some of the mistakes of the Argentine crisis, both in 1998 and 2010, are considered in this paper. The author analyses the reasons why the ECB should start a quantitative easing programme to contain government bond yields, and shows that it can be done with limited impact on inflation targeting policies. The importance of reinforcing the new policy announced by the ECB, which has lain rather dormant during the Eurozone crisis, is also highlighted as a pre-condition for a broader political agreement on more harmonised fiscal policies and to stabilise market conditions. Valiante finds that responses should be organised on three levels: institutional competences, monetary policy support, and fiscal policy coordination.

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File URL: http://www.ceps.eu/system/files/book/2011/08/PB%20251%20Valiante%20on%20Euro%20Crisis.pdf
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Paper provided by Centre for European Policy Studies in its series CEPS Papers with number 5985.

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Length: 12 pages
Date of creation: Aug 2011
Date of revision:
Handle: RePEc:eps:cepswp:5985
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  1. Kopf, Christian, 2011. "Restoring financial stability in the euro area," CEPS Papers 4292, Centre for European Policy Studies.
  2. Ugo Panizza & Federico Sturzenegger & Jeromin Zettelmeyer, 2009. "The Economics and Law of Sovereign Debt and Default," Journal of Economic Literature, American Economic Association, vol. 47(3), pages 651-98, September.
  3. Barry Eichengreen, 2007. "The Breakup of the Euro Area," NBER Working Papers 13393, National Bureau of Economic Research, Inc.
  4. Alcidi, Cinzia & Giovannini, Alessandro & Gros, Daniel, 2011. "History repeating itself: From the Argentine default to the Greek tragedy?," CEPS Papers 5836, Centre for European Policy Studies.
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