CEPII, Recherche et Expertise sur l'economie mondiale
G-MonD Policy Paper - Ending the Euro Area Crisis: Crossing the River by Feeling the Stones

Agnès Bénassy-Quéré
Yves-Emmanuel Bara
Benjamin Carton
Christophe Destais
Sophie Piton

 Points clés :

 Résumé :
We review the solutions put forward between May 2010 and September 2012 by European policymakers to address the four aspects of the euro-area crisis: (i) the sovereign debt crisis, (ii) the banking crisis, (iii) the competitiveness crisis and (iv) the governance crisis. We show that progress has been uneven in each of these areas. We highlight the key issues that need to be addressed for a comprehensive solution to be found. These include more realistic, coordinated deleveraging, more ambitious structural reforms, prioritization of macroeconomic surveillance, the revamping of fiscal policymaking, effective bank supervision and restructuring, the recognition that the risk of “fiscal dominance” cannot be completely eliminated, and the introduction of a European-level social initiative.

Résumé en français

 Mots-clés : Europe

 JEL : E60
CEPII Working Paper
N°2012-39, November 2012

Texte intégral

BibTeX (with abstract),
plain text (with abstract),
RIS (with abstract)

 Domaines d'expertise