The euro crisis: Where do we stand ?

Amélie Barbier-Gauchard () and Jamel Saadaoui ()
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Amélie Barbier-Gauchard: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique
Jamel Saadaoui: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique

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Abstract: The Great Recession sheds lights on several flaws in the architecture of the European Monetary Union (EMU, hereafter). Excessive risk taking in quiet/good times in both the public and private sectors underlines the need to improve risk prevention. Without a doubt, the sharp increase of financial instability within the eurozone (market failures, insufficient monitoring and enforcement tools, contagion between sovereign indebtedness and bank indebtedness, financial fragmentation) highlight the need to improve crisis resolution mechanisms.

Date: 2015-01-01
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Published in Cahiers Economiques de Bruxelles, 2015, pp.4

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