Publication
8 Dec 2011
In this commentary, the author argues that in aggregate terms, the crisis in the eurozone has not been induced by excessive spending. In fact, within the eurozone there are sufficient resources to solve the debt problem. The problem is the uneven distribution of savings within the zone and the reluctance of northern savers to invest in the euro periphery. The author suggests that the ECB could act as the buyer of last resort for indebted countries to overcome this problem.
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English (PDF, 2 pages, 77 KB) |
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Author | Daniel Gros |
Series | CEPS Commentaries |
Publisher | Centre for European Policy Studies (CEPS) |
Copyright | © 2011 Centre for European Policy Studies (CEPS) |