Véron, Nicolas, (2016), “The IMF’s role in the euro-area crisis: financial sector aspects”, Bruegel, 29 Αυγούστου
Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach to the financial sector was appropriate and successful in Ireland and Spain, more limited in the Greek Stand-By Arrangement, and less compelling in Portugal.
Relevant Posts
- Salto, Matteo, (2016), “Fiscal Policy after the Crisis”, European Commission, Discussion Paper 35, July
- Hinterleitner, Markus, Sager, Fritz, Thomann, Eva, (2016), “The politics of external approval: Explaining the IMF’s evaluation of austerity programmes”, Wiley Online Library, 21 Μarch