with Simeon Djankov, Peterson Institute for International Economics (PIIE)
Moderation: Prof. Marcel Fratzscher, Ph.D., President and CEO of DIW Berlin and Professor of Macroeconomics and Finance at Humboldt-University Berlin
The problems inherent in the Eurozone formation were foreseen by many economic experts over the years. But when the Eurozone sovereign debt and banking crisis engulfed the region in 2010, the policy response was often chaotic, short-sighted and hampered by political and ideological constraints. By now, the euro area has stabilized, but many of the long-term problems remain. As is made clear by the book Inside the Euro Crisis: An Eyewitness Account, the costs of the crisis were higher than needed, and the Eurozone is far from out of danger. Inside the Euro Crisis offers some important suggestions for repairing the damage and minimizing the chances of crises in the future. More than that, it tells a dramatic story of one individual economist’s experience as part of the high-level decision making process in Brussels as the crisis unfolded.