Design and management failures have proved extremely costly and painful for some member states and for many eurozone citizens.
Washington, D.C. (PRWEB) October 15, 2012
The Group of Thirty today released A Self Inflicted Crisis: Design and Management Failures Leading to the Eurozone Crisis, by Guillermo de la Dehesa, Chairman of Center for Economic Policy Research. The paper discusses five design and eight management failures that contributed to the economic crisis facing the eurozone. The author urges policy makers to move towards the creation of a fiscal union to better stabilize the monetary union in the future.
"There were several factors that led to the crisis. As policy makers weigh their options moving forward, it is important to recall missteps to avoid similar mistakes in the future,” explained de la Dehesa.
He continued, “Design and management failures have proved extremely costly and painful for some member states and for many eurozone citizens. All member states should work together to find a cooperative way to stabilize the eurozone. A fiscal union should be part of that solution.”
Jean-Claude Trichet, Chairman of the Group of Thirty, welcomed the paper: “We are pleased to add this work to our Occasional Paper series. This thoughtful analysis provides insight to the various economic and fiscal challenges that eurozone members face today. "
PDFs of this paper are online at http://www.group30.org/publications.shtml, or via email at info (at) group30 (dot) org. Hard copies are available for purchase.