Though economist Francesco Paolo Mongelli is an insider at the European Central Bank, his views on the euro are objective and evenhanded. He offers an honest, revealing account of the euro zone’s near meltdown, the causes of the sovereign debt crisis and the remedial efforts under way. While he’s clearly pitching for the euro’s continuation, he doesn’t shy away from addressing the possible adverse outcomes of austerity and weakened economies, and he notes that euro skepticism can influence views about the viability of European Monetary Union. Astute readers will decide for themselves whether he’s right and whether the worst of the euro crisis is over. getAbstract recommends this insightful paper to academics, bankers, policy makers and market participants who want a clear overview and a thoughtful assessment of what might lie ahead.
In this summary, you will learn
- Why the euro zone crisis was so complex and deep,
- What range of restorative measures are under way, and
- How even euro skeptics will have to revisit their views.
About the Author
Francesco Paolo Mongelli is a senior adviser in monetary policy at the European Central Bank and an honorary professor at the Goethe University Frankfurt.