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The Eurozone’s Hidden Strengths
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The Eurozone’s Hidden Strengths

Daniel Gros
CEPS, 2017
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Editorial Rating

8

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Recommendation

The euro-zone economies faced a rather bleak outlook during their time of crisis in 2011 and 2012. Indeed, observers then opined on the bloc’s imperiled future and even possible dissolution. But the euro area overall has been experiencing an economic recovery largely due to its “soft austerity” policies, according to this astute analysis by economist Daniel Gros. getAbstract recommends his timely commentary, accessible to both the policy expert and the informed reader, for its cogent arguments.

Take-Aways

  • The euro-zone economy has made a comeback, achieving a per capita growth rate in 2017 exceeding that of the United States.
  • Since 2012, unemployment has fallen, as some 2.5 million workers have joined the euro area’s labor force.
  • Cyclically adjusted fiscal deficits since 2014 have averaged around 1% of GDP, mainly attributable to the euro zone’s “soft austerity” policies.

About the Author

Daniel Gros is the director of the Centre for European Policy Studies. 

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