Agnès Bénassy-Quéré, Yves-Emmanuel Bara, Benjamin Carton, Christophe Destais & Sophie Piton , 2012.
"G-MonD Policy Paper - Ending the Euro Area Crisis: Crossing the River by Feeling the Stones,"
CEPII Working Paper 2012- 39 , November 2012 , CEPII.
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.

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