Euro area crisis: a short history

In this policy paper, Jörg Haas and Katharina Gnath argue that the most widely shared explanations of the crisis have an important element in common: they point to the importance of debt imbalances in the euro area, be they private or public. From this starting point, it is possible to create a coherent account of the roots of the crisis and the contagion effects.

Image: CC Anthony Easton, Source: flickr