Back to the Future: Revisiting the European Crisis

Paolo Pesenti

No 20111017, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Recent financial developments are calling into question the future of regional economic integration. Market confidence deteriorates across countries in a contagious way. The place is Europe, the time is . . . now? Or twenty years ago? In fact, in the early 1990s Europe went through a systemic crisis that displays remarkable similarities to today’s events. In this post, we go back to those momentous times and briefly recall how the last Europe-wide crisis started, unfolded, and concluded. The 1992 crisis was eventually resolved, suggesting that there may be some light at the end of the current tunnel as well.

Keywords: Financial Crisis; EMU; Europe; ERM (search for similar items in EconPapers)
JEL-codes: F00 N2 (search for similar items in EconPapers)
Date: 2011-10-17
New Economics Papers: this item is included in nep-his
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