Is the Euro Saved for Good? An Overview of the Economic Situation in Europe and the World
European leaders recently met at a summit in Brussels aimed at extinguishing the eurozone debt crisis. Although the leaders reached agreement on the so called “Grand Bargain,” setting up a permanent fund for the assistance of ailing countries and strengthening fiscal and economic coordination, the summit was overshadowed by the unfolding political crisis in Portugal and the military interventions in Libya. Moreover, markets are still questioning the future outcome of the sovereign debt crisis.
On April 14, the Center on the United States and Europe at Brookings (CUSE) and the Heinrich Boell Foundation hosted European Union (EU) Commissioner for Economic and Monetary Affairs Olli Rehn to discuss the EU’s response to the sovereign debt crisis and the global economic outlook in the light of events in the Southern Mediterranean and Japan. Rehn has been a member of the European Commission since November 2004, and took over the responsibility for economic and monetary affairs in February 2010. In this capacity, he has played a central role in the most acute phase of the eurozone crisis, contributing substantially to the design of a “comprehensive solution” to the crisis that is taking shape right now. Following Commissioner Rehn’s remarks, Daniel Hamilton, executive director of the SAIS Center for Transatlantic Relations, offered commentary.
Brookings Senior Fellow and CUSE Director of Research Justin Vaϊsse moderated the discussion. After the program, the speakers took audience questions.
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It’s hard for me to see how [a no deal Brexit] would benefit the EU at all. By nature of the single market, you’ve got a heavily integrated economy that would come to a screeching halt.