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More evidence that financial markets imposed excessive austerity in the Eurozone

Author(s): Paul De Grauwe,Yuemei Ji / Language(s): English

Keywords: Euro-Bonds; public debt;

The decision by the ECB in 2012 to commit itself to unlimited support of the government bond markets was a game changer in the eurozone crisis. It had dramatic effects. By taking away the intense existential fears that the collapse of the eurozone was imminent, the ECB’s lender-of-last-resort commitment pacified government bond markets and led to a strong decline in the spreads of the eurozone countries.

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Learning from small countries? Contemporary Nordic sagas

Author(s): Daniel Gros / Language(s): English

Keywords: post-2008 Economic Crisis; Baltic States;

Greece, the Baltic states and Iceland are examples of small countries whose experience is often adduced to argue for or against austerity. Paul Krugman, for example, argues that the fact that Latvian GDP is still more than 10% below its pre-crisis peak shows that the “austerity cum wage depression” approach does not work and that, Iceland, which was not subject to Brussels austerity and devalued its currency, seems to be much better off. Others have pointed out that Estonia avoided a financial crisis because it pursued a strict austerity policy in the wake of the crisis and is now growing vigorously again, whereas Greece, which delayed its fiscal adjustment for too long, experienced a deep crisis and is still mired in recession.

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Europe is still standing

Author(s): Daniel Gros / Language(s): English

Keywords: Anti-European Europeans: Euroscepticism; EU parliamentary elections;

Judging from the headlines, one might get the impression that the 400 million citizens eligible to participate in the recent European Parliament elections voted massively against the European Union. True, anti-establishment, mostly euro-sceptic, parties won about one-fifth of the vote. But to characterise the election result as a rejection of Europe simply is not quite accurate (or fair).

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Series:CEPS Commentary

More evidence that financial markets imposed excessive austerity in the Eurozone

More evidence that financial markets imposed excessive austerity in the Eurozone

Learning from small countries? Contemporary Nordic sagas

Learning from small countries? Contemporary Nordic sagas

Europe is still standing

Europe is still standing