Bruegel Director Jean Pisani-Ferry analyses the events leading up to May 9 – a historic week for the European monetary union. In this article, he questions the unprecedented decisions that governments had to take with, regard to the euro area debt crises, and the long-term repercussions of them.
Bruegel Director Jean Pisani-Ferry analyses the events leading up to May 9 – a historic week for the European monetary union. In this article, he questions the unprecedented decisions that governments had to take with, regard to the euro area debt crises, and the long-term repercussions of them. The author questions if European policymakers have boxed themselves into a corner. If they only bought time with the decision to put up €500bn in loan guarantees available to finance assistance to ailing states and do they risk an even bigger catastrophe than the one they have avoided.
This article was published in the German newspaper Handelsblatt and the French daily Le Monde.
© Bruegel
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