Where do we stand and what to expect? An analysis of the "state of the crisis"
Janis A. Emmanouilidis
ELIAMEP Crisis Observatory Policy Paper No. 7
Athens 05/2013
Despite the latest Cyprus saga, there has been no fundamental change concerning the euro crisis: the ECBs decisiveness, the substantially reduced risk of a euro exit, and cautious attempts towards addressing the incomplete EMU construction has substantially reduced the danger of a systemic meltdown. However, the epicentre of the crisis has shifted to other equally worrying dimensions: the social and political. Policy-makers at EU and national level will have to overcome the prevailing lets-wait-and-see mode and intensify their efforts to cushion the negative effects resulting from a years-long recession and unbearable high levels of unemployment. Contrary to last September, there will be no actor equivalent to the ECB able to act swiftly and decisively enough to avert a potential deterioration of the crisis in case things should politically get out of control in one or the other Member State or even between EU countries.
Download available here.
Link to respective site at ELIAMEP Crisis Observatory here.
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