The G20 Action Plan

Speaking on C-SPAN’s Washington Journal, Uri Dadush discussed the G20 summit in Cannes and the ongoing European debt crisis. Dadush argued that the G20 failed to put forward concrete steps to resolve the crisis and stabilize European financial markets. “The eurozone is in greater trouble than it’s ever been,” said Dadush, because the crisis has now landed in Italy, the eurozone’s third largest economy. Though the likelihood of an immediate Italian default is low right now, political tensions could undermine those policies that are supporting Italy. If this were to happen, the world would likely be thrown into another major financial crisis.