The Labors of Tsipras
Solving Greece’s protracted debt crisis makes for a Herculean task. Does Alexis Tsipras have what it takes to pull off a deal with his country’s international creditors? […]
Euro-Zone Crisis
Cautious Optimism from Cyprus
The events in Cyprus only reinforce the fact that all countries, and especially those with large banking sectors, must tighten regulation and insist on higher capital requirements where they are needed. […]
The Botched Rescue in Cyprus
The decision to endorse a bailout deal that included a levy on bank deposits was legally dubious, morally unjustifiable, managerially inept, and economically foolish. […]
Who Says the Euro Crisis Is Over?
Even if the euro survives, the crisis isn’t over until the periphery starts growing and people start finding jobs. […]
Is the Italian Economy on the Mend?
Reforms undertaken in Italy have done little to redress its competitiveness and growth problems. In the coming elections, Italians should elect those most likely to commit to more vigorous reforms over a long period. […]
The ECB Can’t Rescue Europe
The ECB’s September purchase of Spanish and Italian government bonds in the secondary market is fraught with political and economic risk both for Germany as well as the periphery. […]
Club Med and the Sunbelt: Adjustment within Monetary Union
Differences between the U.S. and eurozone monetary unions go a long way towards accounting for how well or badly each has adjusted in the aftermath of large housing bubbles and severe financial crisis. […]
The Euro-Exit Taboo
Europe’s periphery is finding itself at a crossroads similar to the one Argentina and Latvia faced in the last decade. But a decision to exit or stay in the eurozone will have much more far-reaching consequences. […]
The Competitiveness Crisis
While the commotion over bond spreads is justified, it diverts attention from the main arena where the survival of the euro will ultimately be decided: the realignment of Europe’s peripheral economies toward exports and import substitutes. […]
Europe in the Eye of the Storm
Coordinated policy and plain luck have propped up the eurozone, but have not decisively addressed the root cause of the euro crisis: diminished competitiveness in the periphery. […]