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Banking fragility rooted in justice failures Evidence from Ukraine
Policy Contribution

Why Europe will suffer more

16 July 2009

Why Europe will suffer more

Even though the financial crisis might have started in the US, CEPS Director Daniel Gros finds in a new CEPS Policy Brief that even more combustible material had accumulated in Europe, and that therefore that it likely that the cost will be higher here and the recovery slower than on the other side of the Atlantic. This conclusion is based on a careful analysis of two indicators of looming financial instability: credit expansion (or leverage) and asset price bubbles.

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Why Europe will suffer more
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