Uri Dadush
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Safeguarding Financial Stability?
Any external infusion of funds would best be channeled through the IMF, which would then pose demanding conditions not just on the countries directly borrowing from it, but also find ways to demand changes in the eurozone’s institutional set up and monetary and fiscal policies in the healthy core, to ensure the euro’s long-term survival.
The recent attempt to leverage the EFSF’s relatively meager resources by turning it into a partial guarantee, instead of allowing it to function as a lending facility, remains unimplemented and in any event has entirely failed to convince the markets. Moreover, the attempt to entice private investors, as well as China and other countries with large reserves, to contribute to the fund has also failed, in part because third parties want to see Germany, France, and others put more of their own money on the line and adopt a far more convincing and unified approach to deal with the crisis.
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About the Author
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 TsiprasCommentary
- 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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