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A mechanism of self-destruction of the eurozone

by Paul De Grauwe
09 November 2010

A mechanism of self-destruction of the eurozone

Paul De Grauwe

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Drawing an analogy with the ill-fated Exchange Rate Mechanism (ERM) of the pre-eurozone era, Paul De Grauwe argues in a new CEPS Commentary that the creation of a sovereign debt default mechanism is a very bad decision that will make the eurozone more fragile by making financial crises an endemic feature.

Paul De Grauwe is Professor of Economics at the Faculty of Business Economics at the University of Leuven and Senior Associate Research Fellow at CEPS.
 


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  • Author
    Paul De Grauwe
    Paul De Grauwe
    Associate Senior Research Fellow
A mechanism of self-destruction of the eurozone
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6497 Downloads