The eurozone crisis started in Greece in 2009–10, spread into Ireland and Portugal, and, from there, quickly spread to the larger economies of Spain and Italy. By the autumn of 2011, it threatened the entire global financial system. In Europe’s Crisis, Europe’s Future, an international group of economic analysts provides an insightful view of the crisis. How did mismanagement of a crisis in a marginal economy spark such a wildfire? After all, Greece is responsible for only 2% of the eurozone’s total GDP, yet the crisis in Athens threatened to grow into a worldwide contagion.
Individual chapters describe:
- the onset, evolution, and ramifications of the euro crisis from the perspective of three countries especially hard hit—Greece, Italy, and Spain;
- the concerns, priorities, and impacts in continental leaders France and Germany;
- the effects and lessons in key policy contexts—national and international finance and social policies.
A concluding chapter by Kemal Derviş discusses the possibility of a renewed vision for the European Union in the 2020s, one that would accommodate the needs of greater political integration in the eurozone within a larger European Union where some countries, such as the United Kingdom, will keep their national currencies.
Kemal Derviş is vice president and director of Global Economy and Development. Formerly head of the United Nations Development Programme and Minister of Economic Affairs of Turkey, he focuses on global economics, emerging markets, European affairs, development and international institutions.
Jacques Mistral is a nonresident senior fellow in Global Economy and Development program, the Pierre Keller visiting professor of public policy at Harvard Kennedy School and a senior fellow at the French Institute of International Relations (IFRI).
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