Business Briefs

The "Greek" Crisis: Implications
(Part 2)

The system of macroeconomic governance in the European Union (EU) needs reform. That is the clear implication of the crisis in sovereign debt markets that developed in the spring of 2010. Less clear is where the emphasis should lie in reforming European institutions, who should direct the process, and how wide the remit for reform should be. These elements depend upon a number of different factors related to what actors believe about how the crisis occurred in the first place, who is to blame, and who should be responsible for ensuring that it does not happen again. The European Union is deeply divided on these questions, both among the member states and between the member states and the principal institutions. This breifing looks into these divisions and the implications of the "Greek" crisis.


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