Uri Dadush
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The Missing EU Approach
The German position (no new money, no ECB guarantees, and no euro bonds) would place the whole burden essentially on troubled countries to reform with very little additional help from eurozone partners.
However, the devil is in the details and there was no new money pledged for the EFSF, the bank recapitalization gave scope for banks to cut back instead of increase lending, and the Greek debt restructuring lacked crucial elements that still require negotiation. And the intention to reform EMU governance, requiring approval by parliaments across the eurozone, is not sufficiently specified or credible.
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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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