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Demonstrably durable
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The euro providing a safe place for countries like Italy during the crisis. For Britain its very asymmetric shock with the collapse of property and markets, financial sector, and consumption, provides it asafety valve through a decline in the value of the pound and lower interest rates. For Greece, Portugal and Spain which saw large increases in wages by 10-20 percentage points, above the 14% rise in unit labor costs in the EU zone between 1999 and 2007 reported in recent ECB monthly Bulletin, the situation is different. In Spain this means the downturn is likely to be more severe as can be seen in unemployment that is already at 13% and expected to reach 15-18% in 2009 by some estimates.
The Euro at year 10.
11/04/2008
The assessment of the euro in its 10th year. The Euro has realized some of its promise but will be tested in this deep recession.
Grouped Articles
Zaragoza, Beneficiary of Spain’s Heady Years, Feels the Undertow
New York Times 11/04/2008
Wall Street Journal 11/04/2008
Euro Zone's Wish for a Weaker Common Currency May Come True
Wall Street Journal 12/26/2008
Euro Nears Parity on U.K. Pound
Wall Street Journal 12/27/2008
Economist 12/30/2008
Economist 12/30/2008
The European Union and the economic crisis of 2008-2009.
10/06/2008
How the economic crisis of 2008-2009 affects the European Union.
Grouped Articles
Europe Races to Shore Up Banks as Crisis Spreads
Wall Street Journal 10/06/2008
European Nations Move on Plans to Shore Up Banks
New York Times 10/14/2008
Zaragoza, Beneficiary of Spain’s Heady Years, Feels the Undertow
New York Times 11/04/2008
Unknown 11/18/2008
Auto Makers in Europe Seek Aid as Sales Slump
Wall Street Journal 11/18/2008
EU to Coordinate $164 Billion Stimulus
Wall Street Journal 11/20/2008
The euro currency area and the situation in Spain, Italy and Britain.
12/30/2008
How being in the euro currency is on balance a good thing for Italy, being outside good for Britain given its asymmetric shock, and being inside complicates things in Spain which had an outsize boom in construction.
Linked Articles
Economist 12/30/2008
Economist 12/30/2008
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