debating progressive politics in Europe and beyond
The Eurozone crisis has been a battle over who will ultimately be liable for the billions worth of actual and potential losses on sovereign debt held by European financial institutions. With neither the issuance of collectively backed Eurobonds nor the use of the European Central Bank (ECB) as lender of last resort initially available as [...]
Two recent pieces by leading commentators on the Euro area crisis give me pause for thought. Daniel Gros has written a typically pithy and insightful commentary on the latest stage of the crisis gripping the euro area. It is very good on the interaction between bank and sovereign debt and exposes the weaknesses of the [...]
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