Commentary
Uri Dadush
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Source: Getty
In The Media
The Future of Europe and the Euro
As the Euro crisis continues to play out in Greece, troubled economies in Europe face years of slow growth and deflation unless European Union leaders overhaul fiscal and monetary policy.
By Uri Dadush
Published on Mar 8, 2010
Source: Bloomberg News
Uri Dadush explains that Greece, Spain, Ireland, Italy, and Portugal face a “severe risk of prolonged depression.” Although fiscal policy adjustments will help the situation, “one part of the solution is to have more expansionary monetary policy” in other European nations. In order to restore competitiveness, troubled economies must reduce their real wages, but they also “need some growth in nominal GDP in order to deal with their rising debt burdens.” Regardless of any policy changes, however, Europe will likely see "slower growth...for several years."
About the Author
Uri Dadush
Former Senior Associate, International Economics Program
Dadush was a senior associate at the Carnegie Endowment for International Peace. He focuses on trends in the global economy and is currently tracking developments in the eurozone crisis.
- The Labors of Tsipras
- Greece, Complacency, and the EuroIn The Media
Uri Dadush
Recent Work
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
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