CEPS © 2019

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

Learning from the US experience

30 April 2010

Learning from the US experience

Download Publication

1696 Downloads

In this short Commentary, Daniel Gros draws lessons for the Greek fiscal crisis from episodes in the United States history in the 18th and 19th centuries when the federal government was faced with the dilemma of bailing out insolvent states. In those cases, no widespread contagion ensued, leading him to conclude that a default within a federation does not necessarily have to trigger catastrophic political consequences.


About the Author


Learning from the US experience
Download Publication

1696 Downloads