Jump to ContentJump to Main Navigation
Europe's OrphanThe Future of the Euro and the Politics of Debt$
Users without a subscription are not able to see the full content.

Martin Sandbu

Print publication date: 2017

Print ISBN-13: 9780691175942

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691175942.001.0001

Show Summary Details
Page of

PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in HSO for personal use (for details see www.princeton.universitypressscholarship.com/page/privacy-policy).date: 15 November 2018

Europe Digs Deeper

Europe Digs Deeper

Chapter:
(p.106) Five Europe Digs Deeper
Source:
Europe's Orphan
Author(s):

Martin Sandbu

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691175942.003.0005

This chapter explains how the intellectual principles behind the eurozone's approach to Greece and Ireland were generalised to guide policy in 2010–11 towards larger countries and to the currency union as a whole. Rather than admitting mistakes, leaders came to deem the medicine prescribed for Athens, Dublin and Lisbon suitable for the rest of the eurozone too. So long as they held on to their original diagnosis, they could not recognise that the precedents set in the smaller countries were perpetuating the crisis. The result was a disaster: a self-inflicted second recession, a poisoned politics, and a gratuitous existential threat to the euro itself. By letting the same errors govern policy towards the eurozone's bigger members, its leaders turned what had been a grave crisis into an existential one. The costs of these mistakes are still being paid in ongoing economic suffering, political ill will, and uncertainty.

Keywords:   eurozone, Greece, Ireland, currency union, recession, euro, policy, economic suffering, political ill will, uncertainty

Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.