May 17, 2012
Snapshot, May 17, 2012
The eurozone's troubles -- including the possibility of Greece's exit from the union -- no longer qualify as a crisis. What looks like significant instability is really just the slow-motion settling of the continent's new economic order.
Essay, May 1, 2012
As Europe emerges from economic crisis, a larger challenge remains: finally turning the eurozone into an optimal currency area, with economies similar enough to sustain a single monetary policy. Getting there will be difficult and expensive, but the future of European integration hangs in the balance.
Snapshot, May 1, 2012
Faced with a sovereign debt crisis, Europe, once the champion of mixed economies and generous social safety nets, has begun cutting government spending and eliminating regulations. But this neoliberal shift will only increase the chance of another financial crisis and could spark widespread unrest across the continent.
Snapshot, January 12, 2012
The problem isn't weak EU economic policy, it is that no country has reason to live up to its obligations or to force its partners to do the same. What Europe really needs is a sovereign credit club; at the cost of accepting certain performance standards, countries would join to get access to low-cost capital.
Essay, December 13, 2011
The collapse of the euro is no accident; the seeds of the crisis were planted before the monetary union even began, argues a former chair of the Council of Economic Advisers. It never made sense to yoke so many different economies and cultures together—yet they now find themselves trapped in a union that leaves no means of escape.
Letter From, December 13, 2011
Ireland's economic turnaround in the 1980s is generally credited to fiscal measures similar to the ones other European countries are now implementing. But those policies were painful and won't even work this time.
Letter From, December 13, 2011
Before the first World War, Greek cities successfully managed their own affairs. Then modernization brought centralization, which paved the way for the current crisis. Now the country needs to get back to its roots.
Snapshot, November 28, 2011
Markets are reeling because Europe's leaders have only offered up half-measures to resolve the crisis. Not until Brussels, Paris, and Berlin realize the fundamental flaw in their current approach -- a lack of real political and economic integration across the eurozone -- will there be an end in sight.
Snapshot, November 21, 2011
Monti’s appointment fits an established Italian pattern: fiscal laxity under populist center-right governments followed by brief emergency periods of technocratic austerity under the center-left and EU. To make fiscal responsibility stick this time, Brussels should back Monti as he builds up a popular mandate for gradual reform.
Snapshot, November 17, 2011
The national election turned over Spain's government, but the remedy on the way -- fiscal austerity as pushed by Berlin and the European Central Bank -- will only make Madrid's problems worse. Cutting will not save the euro.
Snapshot, November 17, 2011
As the eurozone's biggest economy, it was Germany's job to stabilize the system when the first signs of financial trouble appeared. Instead, it did precisely the opposite. Whether the euro survives depends on Frankfurt finally assuming its role as leader.
Snapshot, November 15, 2011
The new government must quickly enact unpopular reforms to right the country's economy. This may cost its leaders their careers, but a consensus plan would be toothless and would come too late.
Snapshot, November 15, 2011
The euro crisis is not a simple story of Greek sinners and German saints. In fact, imposing austerity on the eurozone's periphery alone will accomplish little. To save the continent, its richer countries and private investors must share in the sacrifice.
Snapshot, November 11, 2011
For nearly two decades Prime Minister Silvio Berlusconi inspired voters with his enthusiasm, but he brought no reform to Italy. Now his likely successor and the European Central Bank are setting out with a host of reforms, but have no enthusiasm to get them passed.
Snapshot, November 4, 2011
As the European debt crisis grows more unwieldy by the day, the ECB may be the only entity with enough financial firepower -- the ability to bail out debt-ridden countries -- to reassure global markets. Critics argue the Bank should have stepped in as a lender of last resort long ago. Now the pressure is on Draghi to take risks his predecessor refused.
Essay, November 1, 2011
Most pundits argue the eurozone has only two options: break up or create a fiscal union to match its monetary one. In fact, there's a third, and better, path: adopt tighter market discipline, bailing out illiquid countries while letting truly insolvent ones go bust. The result would be a collection of fitter economies and a Europe strong enough to play a big role on the world stage.
Snapshot, July 18, 2011
The EU’s current framework cannot prevent or manage fiscal problems effectively. This does not mean that it is too late to build one that can. In addition to better financial cooperation, eurozone countries need to deepen their political coordination as well.
Snapshot, June 15, 2011
Portugal’s recent elections, which ushered in a new right-wing government, were a response to the country's economic crisis and need for a Eurozone bailout package. The new leadership must lead Portugal in rescuing the economy and becoming more competitive on the global stage.
Essay, April 18, 2011
European politicians are worried about managing fiscal stabilization, but strict spending limits could destroy what little is left of the EU’s political legitimacy.
Snapshot, September 29, 2010
For all the success of German reunification, it left behind fateful seeds that sprouted into the current eurozone crisis. To overcome the current downturn, Europe should finish the job started two decades ago and retrofit the European Union with stronger political institutions.
Snapshot, August 10, 2010
Many observers think the entire European construct -- its institutions and currency -- has been so damaged by the Greek financial crisis that it might not survive. But is forecasting the euro’s demise premature?
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