The euro
crisis was not a government-debt crisis
Nov 23rd
2015, 9:43 BY R.A. | LONDON
The
Economist
THE
euro-zone crisis has transitioned from an acute phase to a chronic one. At just
this moment the fear that market panic might force one or several economies out
of the single currency is low. Yet few analysts believe the euro zone has
solved its fundamental problems. In a piece published at Vox EU last week, a
cadre of prominent economists made the very sensible point that unless
euro-area leaders can agree on the fundamental causes of the crisis, they will
struggle to craft long-run fixes. The authors set out their view of the crisis,
in hopes that it will prove a foundation for consensus building.