The euro crisis was overdetermined. Debt, competitiveness, and financial instability all played a role. So did the incomplete architecture of the euro area as a multi-national currency arrangement. The question to consider is whether policy developments in response to the crisis have made matters worse rather than better. With so much action on so many fronts, it is worrying to consider that the euro crisis may soon return. The purpose of this presentation is to prioritize those policy areas where the need for action is most urgent and to explain how selective institution building can bring stability to the euro – and to Europe.
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