Bruegel and the euro area debt crisis
Bruegel has significantly contributed to the ongoing debate on the euro area crisis with a number of publications and op-eds published in international and national media.
See below for a full list of contributions on the euro area crisis
19th February 2014This study provides a systematic evaluation of financial assistance for Greece, Ireland, Portugal and Cyprus. All four programmes, and in particular the Greek one, are very large financially compared to previous international programmes.
29th August 2013How should the ECB’s programme be evaluated? Is the ECB acting beyond its mandate? Are the potential fiscal consequences of the OMT programme a relevant dimension for the constitutionality of the OMT programme? Or is the OMT programme without fiscal consequences?
15th February 2013
Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for…
13th December 2012
Co-authored by Chiara Angeloni and Silvia Merler. The current European crisis has shed light on several weaknesses and the institutional incompleteness characterizing the euro area.…
30th March 2012
The euro crisis and subsequent policy responses have challenged the assumptions underpinning the euro-area's governance, and the relationship between the European Union's euro and non-euro countries.…
29th March 2012
There is a view that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis.The balance-of-payments discussion lacks clarity, however.…
26th March 2012
This Working Paper sheds light on the link between sovereign and banking risk in the euro zone. It provides an empirical analysis of the impact of…
4th October 2011In this working paper, with a unique data set summarising the quality of rules-based fiscal governance in European Union member states, the authors show that stronger fiscal rules in euro-area members reduce sovereign risk premia, in particular in times of market stress.
21st June 2011
There are two possible responses to the Greek debt crisis: ‘Plan A’, continued official lending, for as long as needed, with possible voluntary private sector…
18th May 2011
The European Systemic Risk Board (ESRB) and the proposed prevention and correction of macroeconomic imbalances regulation (EIP) are designed to avoid imbalances. However, these instruments…