A liquid Europe?
A liquid Europe?

Author(s): Daniel Gros
Subject(s): Economic policy, EU-Accession / EU-DEvelopment, Financial Markets, Fiscal Politics / Budgeting
Published by: CEPS Centre for European Policy Studies
Keywords: euro-zone; EU; economic policy; economic stability; debt crisis; Greece; Ireland; Portugal; Italy; Spain; EFSF;
Summary/Abstract: Is the euro-zone stepping back from the brink? This might just be possible, because the emerging outlines of a new framework to resolve the ongoing sovereign debt crisis contain a key component that was missing so far. Indeed, that component’s absence was behind this summer’s spreading financial crisis, which moved beyond small, peripheral countries like Greece, Ireland and Portugal to strike systemically important countries like Italy and Spain.

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