The Euro on the Mend
In a few months, it will be four years since the eurozone crisis began – almost an eternity by historical standards. Much has been done to engineer a return to normalcy, but it is still too early to declare the job done and claim victory.
https://prosyn.org/0KXq3Il
PARIS – A year ago the eurozone was in serious trouble. A series of policy actions – the creation of a rescue fund, a fiscal treaty, and the provision of cheap liquidity to the banking system – had failed to impress financial markets for long. The crisis had moved from the monetary union’s periphery to its core. Southern Europe was experiencing a sell-off of sovereign debt and a massive withdrawal of private capital. Europe was fragmenting financially. Speculation about a possible breakup was widespread.