The Eurozone Island of Stability
After a decade of struggles, the eurozone is an island of relative stability in a turbulent sea. To ensure that it stays that way, its leaders must remember a fundamental truth: no predominantly domestic problem will ever be resolved by a loan or transfer of resources from abroad.
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BRUSSELS – Market volatility has surged lately, apparently vindicating those who have warned of lofty equity valuations. But, even as the US stock market suffered one of its worst weeks since the financial crisis, the eurozone’s public-debt market has remained relatively stable, with risk spreads – which have usually increased amid market volatility – scarcely changing, even for the peripheral eurozone countries.