Wednesday February 22, 2012

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The Euro Crisis

Research and Commentary

Two Versions of the European Debt Crisis

Eduardo Levy-Yeyati and Mario Blejer, January 25, 2012

The Euro statue in front of the ECB headquarters
The Euro statue in front of the ECB headquarters

Eduardo Levy-Yeyati and Mario Blejer examine the European Central Bank's decision to lend to commercial banks, a move that has renewed optimism that the debt crisis has been practically resolved. Levy-Yeyati and Blejer argue that this resolution depends on the eurozone countries deciding to become a true monetary union. Read More

International Monetary Fund, The Euro Crisis, Europe, Global Economics, Global Finance

PAST EVENT

Save to My PortfolioThe Euro and Europe's Future

Friday, January 20, 2012
10:30 AM to 11:30 AM
Washington, DC

Reuters/Danilo KrstanovicThe current crisis in the eurozone—arguably the most difficult test Europe has faced in the past sixty years—has exposed serious structural and macroeconomic challenges and poses a critical risk to worldwide economic recovery. On January 20, the Center on the United States and Europe at Brookings (CUSE) hosted Germany’s Foreign Minister Guido Westerwelle for an address on the future of Europe in a globalized world. In his remarks, the foreign minister made the case that the EU has what it takes to emerge from the sovereign debt crisis as one of the world's shaping powers and will argue that Europe and the United States must continue to develop their strategic partnership. Read More

The Euro Crisis, Europe, European Union, Germany, Transatlantic Relations

RESEARCH AND COMMENTARY

Save to My PortfolioThe IMF and the Eurozone: Weighing Unconventional Options to Stabilize the Global Economy

Domenico Lombardi and Sarah Puritz Milsom, January 19, 2012, FT.com

The stock market in MadridDomenico Lombardi and Sarah Puritz Milsom propose that the general allocation of Special Drawing Rights, a reserve asset created by the International Monetary Fund, could stabilize the global economy, provide market confidence, and generate additional financing that could be partially mobilized toward stabilizing the euro-area crisis. Read More

The Euro Crisis, Europe, International Monetary Fund, Global Economics, Global Finance

RESEARCH AND COMMENTARY

Save to My PortfolioThe Euro-Area Crisis: Weighing Options for Unconventional IMF Interventions

Domenico Lombardi and Sarah Puritz Milsom, December 2011, The Brookings Institution

The Euro-Area Crisis: Weighing Options for Unconventional IMF InterventionsDomenico Lombardi and Sarah Puritz Milsom explore the role of the International Monetary Fund in the eurozone crisis and review the policy options that the international community must consider to strategically and effectively address the current situation. Read More

The Euro Crisis, Europe, International Monetary Fund, Global Finance, Global Financial Crisis

RESEARCH AND COMMENTARY

Save to My Portfolio2012: The Year We Import Recession from Europe?

Douglas J. Elliott, December 20, 2011, The Brookings Institution

2012: The Year We Import Recession from Europe?Douglas Elliott writes that if Europe doesn't solve its debt crisis in 2012, it could lead to depressed economic conditions globally. Despite the myriad paths to disaster, Elliott explains why a major crisis is likely to be averted in spite of an unimpressive resolution process thus far. Read More

The Euro Crisis, Europe, European Union, Financial Institutions, Financial Markets

RESEARCH AND COMMENTARY

Save to My PortfolioThe Eurozone Crisis and Lessons for the Formation of an East African Monetary Union

Anne W. Kamau and Jessica Smith, December 19, 2011, The Brookings Institution

The Eurozone Crisis and Lessons for the Formation of an East African Monetary UnionAs policymakers work cautiously on the integration of the East Africa Community (EAC) and the adoption of a single monetary union, Anne Kamau and Jessica Smith discuss the lessons that East Africa can learn from Europe's sovereign debt crisis. Read More

Africa, The Euro Crisis, European Union

UPCOMING EVENT

Save to My PortfolioEurope in Crisis: The Impact on Foreign Policy

Wednesday, February 22, 2012
5:00 PM to 6:30 PM
Washington, DC

Reuters/Kai PfaffenbachOn February 22, the Center on the United States and Europe at Brookings (CUSE) and the Heinrich Boell Foundation will present the results of the latest European Foreign Policy Scorecard, an annual assessment of European performance conducted by Brookings Senior Fellow Justin Vaïsse, Hans Kundnani, and a team of more than 35 researchers from the European Council on Foreign Relations. The scorecard systematically assesses the European Union’s performance in its relations with China, Russia, the United States, wider Europe, the Arab world and multilateral institutions. The panel will also discuss the impact of the financial crisis on Europe's place in the world. Read More

The Euro Crisis, Europe, European Union

RESEARCH AND COMMENTARY

Save to My PortfolioWhy the Tea Party Is in the European Mainstream

February 21, 2012, Financial Times

Thomas Wright examines the economic policies of the Republican and Democrat presidential candidates and how they compare to Europe’s, and argues that the question of whether Europe’s policies are right for the United States is what Americans will vote on in the 2012 presidential election. Read More

Elections, Europe, U.S. Economy, The Euro Crisis, European Union

RESEARCH AND COMMENTARY

Save to My PortfolioEuropean Foreign Policy Scorecard 2012

Justin Vaïsse and Hans Kundnani, February 17, 2012, European Council on Foreign Relations

European Foreign Policy Scorecard 2012The European Foreign Policy Scorecard provides an in-depth, annual evaluation of Europe’s performance in pursuing its interests and promoting its values in the world. At a time when new powers are emerging and the international system is undergoing profound changes, the scorecard is intended to raise awareness and to encourage a debate about the best policies to be pursued. Read More

Europe, European Union, The Euro Crisis, Foreign Policy, International Relations

RESEARCH AND COMMENTARY

Save to My PortfolioThe Global Future of Europe's Crisis

Kemal Derviş, February 17, 2012, Project Syndicate

A man walks in front of a closed bank branch in GreeceDespite the stock market recovery in early February, Kemal Derviş argues that the eurozone crisis will continue well into 2012, due to the growing tension between national democratic politics and globalization, debt stresses and vulnerability to financial market swings. Read More

Global Economics, Global Financial Crisis, Global Finance, Europe, The Euro Crisis

RESEARCH AND COMMENTARY

Save to My PortfolioThe Sick Man of Europe Is Europe: Evaluating European Foreign Policy

Justin Vaïsse, February 16, 2012, Foreign Policy

Catherine AshtonJustin Vaïsse discusses the 2012 European Foreign Policy Scorecard. According to Vaïsse, the waning of Europe's power combined with its pressing domestic issues could soon put the global order in serious jeopardy. Read More

Europe, European Union, The Euro Crisis, Foreign Policy, International Relations

RESEARCH AND COMMENTARY

Save to My PortfolioWeb Chat: The Greek Crisis and the Implications for the U.S. Economy

Douglas J. Elliott, February 15, 2012, The Brookings Institution

Protester waves flag in Athens riotsOn Wednesday, February 15, Douglas Elliott took your questions on the Greek debt crisis and its potential to impact the United States in a live web chat moderated by POLITICO. Read More

The Euro Crisis, Europe, European Union, Global Change, Global Finance

RESEARCH AND COMMENTARY

Save to My PortfolioEurope's Economy: Moving Out of Intensive Care, but Not Out of Danger

Douglas J. Elliott, February 15, 2012, CNNMoney

A Greek five-cent euro coin depicting a tanker is seen amongst other coins While Europe's financial difficulties have lessened, there are still many factors that could cause the slow recovery to quickly turn. Douglas Elliott examines the danger zones in Spain, Portugal, Italy, France and Germany and explains how they could cause the situation to degenerate. Read More

The Euro Crisis, Europe, European Union, Financial Institutions, Financial Markets

RESEARCH AND COMMENTARY

Save to My PortfolioEuropean Union Being Tested by Greek Debt Crisis

Daniel V. Speckhard , February 13, 2012, Bloomberg

Greek Prime Minister Lucas Papademos recently invited representatives from the World Bank and the International Monetary Fund for further discussions after failing to get full agreement from his coalition supporters on the economic measures needed for a second aid package. Daniel Speckhard discusses these developments in Greece's debt crisis. Read More

Greece, The Euro Crisis, Europe, European Union, Entitlement Programs

RESEARCH AND COMMENTARY

Save to My PortfolioEurope's So-called "Expansionary Contraction" Has Not Worked in Practice

Martin Neil Baily, Winter 2012, The International Economy

Martin Baily explains how and why fiscal austerity is not fostering growth in eurozone countries such as Greece and Italy. Baily notes that while the eurozone's stronger economies are right to demand transparency and accountability in the fiscal accounts of countries that are asking for help, they should also look for a long-run approach to balance budgets, and not demand draconian budget cuts in the short run. Read More

The Euro Crisis, Fiscal Policy, Financial Institutions, International Monetary Fund, Europe

RESEARCH AND COMMENTARY

Save to My PortfolioPreviewing Italian Prime Minister Monti's White House Visit

Carlo Bastasin and Cesare Merlini, February 07, 2012, The Brookings Institution

Carlo Bastasin and Cesare Merlini discuss prospects for Italian Prime Minister Mario Monti's February 9 meeting with President Barack Obama. According to the authors, the two leaders will discuss both the current economic climate in Italy and broader European policies. Read More

European Union, The Euro Crisis, Europe, Italy

In Brief

As governments around the world struggle to balance cutting spending and stimulating their economies, the European Union faces tough decisions on how to support faltering member countries in the eurozone. Brookings experts analyze the complex issues facing the EU and its common currency and the possible ramifications of EU bailout actions on the global economy.

Upcoming Events

The Euro Crisis Save to My Portfolio Europe in Crisis: The Impact on Foreign Policy

February 22, 2012

The Brookings Institution

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Featured Experts

Domenico Lombardi

Domenico Lombardi

Senior Fellow, Global Economy and Development

Domenico Lombardi is an expert on G-20 and G-8 Summits, international monetary relations, and global currencies. His current projects focus on the recent international financial crisis, the ongoing European crisis, and the reform of the IMF and the World Bank
Read More

Douglas J. Elliott

Douglas J. Elliott

Fellow, Economic Studies, Initiative on Business and Public Policy

Douglas Elliott was an investment banker for two decades, principally at J.P. Morgan. He was president and principal researcher for the Center on Federal Financial Institutions. He focuses on issues surrounding both public and private financial institutions.
Read More

Carlo Bastasin

Visiting Fellow, Foreign Policy, Global Economy and Development, Center on the United States and Europe

Carlo Bastasin is a visiting fellow in Global Economy and Development and Foreign Policy at Brookings. As an economist and editoralist, Bastasin's work focuses on European political and economic analysis.
Read More

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