An Agenda for the European Council: Feasible steps to bring the eurozone back from the precipice

Author
Stefano Micossi
Content Type
Policy Brief
Institution
Centre for European Policy Studies
Abstract
Once again the European Council will meet in an emergency session at the end of June, with the eurozone economy in recession and actually plummeting in its Southern periphery. Further doubts are also growing on the sustainability of sovereign debts due to the vicious spiral of deteriorating bank balance sheets, ballooning potential liabilities from banking rescues and widening spreads on government borrowings. The sovereign debt crisis in the periphery has now turned into a fully fledged banking crisis that threatens to spread from Greece to Spain and tomorrow, who knows, to Italy, France and even Germany itself.
Topic
Debt, Economics, Regional Cooperation, Financial Crisis, Governance
Political Geography
Europe, Greece, France, Germany, Spain, Italy