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The Coming Resolution of the European Crisis


  • C. Fred Bergsten

    () (Peterson Institute for International Economics)

  • Jacob Funk Kirkegaard

    () (Peterson Institute for International Economics)


The economic and financial problems in the euro area are clearly serious and plentiful. An increasing number of commentators and economists have begun to question whether the euro can survive. There are only two alternatives. Europe can jettison the monetary union or it can adopt a complementary economic union. Every policymaker in Europe knows that the collapse of the euro would be a political and economic disaster for all and thus totally unacceptable. Europe's overriding political imperative to preserve the integration project will surely drive its leaders to ultimately secure the euro and restore the economic health of the continent.

Suggested Citation

  • C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis," Policy Briefs PB12-1, Peterson Institute for International Economics.
  • Handle: RePEc:iie:pbrief:pb12-1

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    References listed on IDEAS

    1. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
    2. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Chapter 1," MPRA Paper 17452, University Library of Munich, Germany.
    3. Kruse, D. C., 1980. "Monetary Integration in Western Europe," Elsevier Monographs, Elsevier, edition 1, number 9780408106665 edited by Duchêne, François.
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    1. repec:bla:jcmkts:v:55:y:2017:i:4:p:744-761 is not listed on IDEAS
    2. Angel Ubide, 2013. "Reengineering EMU for an Uncertain World," Policy Briefs PB13-4, Peterson Institute for International Economics.
    3. Hellebrandt, T. & Posen, A.S. & Tolle, M., 2012. "Does monetary cooperation or confrontation lead to successful fiscal consolidation?," Financial Stability Review, Banque de France, issue 16, pages 131-142, April.
    4. Hughes Hallett, Andrew & Martinez Oliva, Juan Carlos, 2015. "The importance of trade and capital imbalances in the European debt crisis," Journal of Policy Modeling, Elsevier, vol. 37(2), pages 229-252.
    5. Anders Aslund, 2012. "Why a Breakup of the Euro Area Must Be Avoided: Lessons from Previous Breakups," Policy Briefs PB12-20, Peterson Institute for International Economics.
    6. Edwin M. Truman, 2013. "Asian and European Financial Crises Compared," Working Paper Series WP13-9, Peterson Institute for International Economics.
    7. Beniamino Moro, 2013. "The Run On Repo and the Liquidity Shortage Problems of the Current Global Financial Crisis: Europe vs. The US," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 2(1), pages 41-77, January.
    8. Ferrán Brunet, 2013. "Convergence and Divergences in the European Economy: Rebalancing and Being Competitive in a Non-optimal Monetary Union," Working Papers 03/13, Instituto Universitario de Análisis Económico y Social.
    9. Emilios Avgouleas & Douglas W. Arner & Uzma Ashraf, 2014. "Regional financial arrangements: lessons from the Eurozone crisis for East Asia," Chapters,in: Global Shock, Risks, and Asian Financial Reform, chapter 10, pages 377-415 Edward Elgar Publishing.
    10. Miguel Otero-Iglesias, 2015. "Stateless Euro: The Euro Crisis and the Revenge of the Chartalist Theory of Money," Journal of Common Market Studies, Wiley Blackwell, vol. 53(2), pages 349-364, March.
    11. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis: An Update," Policy Briefs PB12-18, Peterson Institute for International Economics.

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