Greece isn’t proposing a reduction in outstanding debt through a clever debt swap. It’s proposing a reduction in debt load and a reduction of crippling austerity, which is exactly what […]

A new phase of the eurozone crisis is entering with a Syriza victory in Greece. A simple cost-benefit analysis shows that the rest of the eurozone would do better by […]

Often, the crisis in the eurozone is analyzed from a moral point of view in which virtuous German policies are juxtaposed against spendthrift peripheral countries. If only all eurozone countries […]

It looks to be another difficult year for the eurozone, even if the lower euro and oil prices provide some much needed relief. Even if we manage to get past […]

What are the risks for Greece to create another eurocrisis? Actually, these are pretty substantial. There are two kind of risks. The first is that under the specific institutional make-up […]

The euro can be broken up after all, authorities admit. While the break-up cost would be very big (depending on how it’s handled), the euro in its present form is […]

While Germany has put itself on the line for rescue packages of fellow eurozone countries, and it emphasizes the importance of structural reforms, it’s role isn’t benign. By undercutting wage […]

While it seemed like the ECB had saved the eurozone from imploding a few years ago with Draghi’s “whatever it takes,” underneath, tensions have remained. While there are some small […]

Germany has been the lone economic success story in the eurozone, but should other eurozone countries follow the German model? It’s invariably argued that the German success is based on […]

The present path of policies in the eurozone is not sustainable for economic nor for political reasons. A move toward complete monetary union is politically unfeasible and the prospect of […]