How should the Eurozone deal with the Greek fiscal crisis? This column introduces a Policy Insight that attributes the Greek-linked difficulty largely to the claim by the ECB and government officials that the Eurozone is founded on fiscal discipline and the Stability and Growth Pact. To guarantee a long-run future for the Eurozone, a change of doctrine is critical.

If the US government does brand China as a “currency manipulator”, should the EU follow suit? This column argues that EU officials are likely to be low key on the issue. There are far too many imbalances within the EU, notably Germany’s trade deficit, so that any complaints about China are doomed to degenerate into intra-EU discord.

The fiscal crises in some EU countries have put considerable strain on the region. This column argues that the solution requires a credible demonstration of political will from its political leaders. It suggests a voluntary commitment to support struggling governments with financial means provided at a penalty rate and against a clearly defined spending reduction programme.

As the debate over a European Monetary Fund continues, this column argues that Germany’s enthusiasm for the new fund lies in its desire to impose fiscal discipline on countries it didn’t want in the Eurozone in the first place. The EU is not Germany and despite its dysfunctional diversity, the avoidance of a currency crisis in Greece shows that it works.

Greece’s recent deficit-cutting budget was met with planned strikes and protests in the streets. This column argues that the painful fiscal adjustments could turn out to be a good thing for Europe’s political integration, but the region has to take the next step and set up a European Monetary Fund.

This new Policy Insight asks why countries would share a single currency, and addresses some aspects missing from the current debate on the benefits of the euro area.

Why would countries share a single currency? This column introduces a new CEPR Policy Insight and argues that some aspects are missing in the current debate on the merits of the EMU. Benefiting from monetary union is a matter of time, perseverance, and seizing opportunities.

How important is credit availability to the real economy? This column examines evidence from the Eurozone and suggests that a change in loan availability has a positive and statistically significant effect on GDP. This provides support for the policies taken by central banks to alleviate pressures on the banking system.

Martin Feldstein argued last week that Greece should take “a temporary leave of absence with the right and the obligation to return at a more competitive exchange rate.” In this column, Argentina’s highly regarded former Minister of the Economy and a co-author argue that the idea won’t work. A better solution would be to adjust the Greek tax system.

The latest turn in the global financial crisis has ensnared the debt of some European nations. The fact that these nations are members of a monetary union has generated much confused comment. Here one the world’s leading experts on Eurozone monetary and financial matters sets the record straight, debunking 10 myths and setting forth 10 frequently overlooked facts.