Moderator: Richard Baldwin (Graduate Institute, Geneva and CEPR)

The EZ Crisis is a long way from finished. The latest VoxEU eBook presents a consensus view of what caused the Crisis and why. It argues that this was a classic ‘sudden stop’ crisis – not a public-debt crisis. Excessive, cross-border lending and borrowing among EZ members in the pre-Crisis years – much of which ended up in non-traded sectors – was why Greece’s deficit deceit in 2009 could trigger such a massive crisis. The ultimate causes were policy failures that allowed the imbalances to get so large, a lack of institutions to absorb shocks at the EZ level, and poor crisis management.

Moderator: Coen Teulings (University of Cambridge and CEPR)

Moderator: Wouter den Haan (London School of Economics and CEPR)

Moderator: Richard Baldwin (Graduate Institute, Geneva and CEPR)

Moderator: Giancarlo Corsetti (University of Cambridge and CEPR )

Moderator: Wouter den Haan (London School of Economics and CEPR)

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