CEPS © 2019

Ten years after EULEX Key principles for future EU flagship initiatives on the rule of law
Policy Contribution

Emerging Markets’ Euro Nemesis

09 September 2013

Emerging Markets’ Euro Nemesis

Download Publication


In this new commentary, CEPS Director Daniel Gros argues that the weakening of European demand triggered by austerity is the real cause behind the recent deterioration of emerging markets’ current accounts. As a consequence, unless the US resumes its role as consumer of last resort, the latest bout of financial-market jitters will weaken the global economy again.

About the Author

Emerging Markets’ Euro Nemesis