At Pains to Grow
Overcoming the debt crisis that has stricken Europe and restoring long-term growth prospects for the continent will require European countries to enact major coordinated action and far-reaching structural reforms. […]
United Kingdom
The Choice for Europe
The revival of the European debt crisis will force EU leaders to choose between entering into a deeper fiscal and economic union or confronting sovereign defaults and the possible break-up of the euro area. […]
California Dreaming
Despite the grim economic outlook for California, America’s Golden State holds lessons for how Europe can survive its own debt crisis and make the continent more resilient to future shocks. […]
Ireland and the European Debt Crisis
The enormous expansion of credit in Ireland and the sheer size of its building boom, which was accompanied by a very large loss of competitiveness, are at the center of the country’s crisis today.
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Can the G20 Grow Faster?
Faster growth in the G20 must come through increased demand in advanced nations—beginning with the United States and Germany—rather than agreements about currency appreciations or current account targets. […]
It Is Too Early to Withdraw Fiscal Stimulus?
Private demand is not yet strong enough in advanced countries to compensate for the drag to come from fiscal stimulus withdrawal. Large countries that can afford to delay the withdrawal should do so. […]
The Enduring Euro Crisis
The problems that led to the crisis in Europe go beyond just fiscal profligacy and will take a long time to correct. Though the euro will likely survive the adjustment, the crisis could still have a profound effect on the global economy. […]
Causes and Consequences of the Euro in Crisis
European leaders are finally coming to appreciate the depth and severity of the European debt crisis, but their policy responses so far still do not go far enough to resolve the crisis. […]
Euro Crisis: Responses from the United States and Germany
As the European crisis continues to intensify, critical questions are emerging about German leadership and the role that the United States can play to influence events in Europe. […]
Why Greece Has to Restructure Its Debt
Given the dual challenge of massive and rising debt and a loss of competitiveness now facing Greece, debt restructuring is necessary—but may not be sufficient—to restore economic growth. […]