The current crisis has led many analysts to re-assess the role of the euro. At face value, the euro area has done relatively well at avoiding the massive financial crisis of the Anglo-Saxon countries. Does the crisis prove the virtues of the euro, or can it be a source of tensions that stress...

A broad consensus seemed to have been reached since the onset of the financial and economic crisis that governments needed to undertake collective action to provide a fiscal stimulus to prevent a deep and longlasting recession.

Authors of the Report on the European Economy 2010

After a deep economic recession during the winter of 2008/2009, which was triggered by a US-led financial crisis, many countries went through a stabilisation period and now seem to have entered a recovery phase. Global monetary and fiscal policies have prevented a worse outcome and lie at the...