A Devaluation Option for Southern Europe
The eurozone’s survival demands a credible solution to its sovereign-debt crisis, which in turn requires addressing the two macroeconomic imbalances – external and fiscal – that are at the heart of that crisis. But such a solution requires neither a euro breakup or a major austerity-induced recession.
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CAMBRIDGE – This year is likely to mark a make-or-break ordeal for the euro. The eurozone’s survival demands a credible solution to its long-running sovereign-debt crisis, which in turn requires addressing the two macroeconomic imbalances – external and fiscal – which are at the heart of that crisis.