Tag Archives: Currency crisis

“‘Mehr Europa’ greift zu kurz (‘More Europe’ Does Not Suffice),” FuW, 2012

Finanz und Wirtschaft, September 8, 2012. PDF. Ökonomenstimme, September 10, 2012. HTML.

  • Policy makers confuse debt and financial crises with a currency crisis.
  • Different crises call for different policy responses. Many of those lie in the national policy domain, not the supra national one.
  • Shifting too much policy responsibility, too quickly to the European level sows the seeds of new problems.

“Die Zukunft des Euros (The Euro’s Future),” FuW, 2011

Finanz und Wirtschaft, February 23, 2011. PDF. Ökonomenstimme, March 1, 2011. HTML.

  • A banking crisis doesn’t imply a currency crisis.
  • Spreads on periphery bonds signal credibility of the ECB.
  • Debt restructuring must not be excluded as a policy option.