Posted on Friday 16th December 2011
La crisis del euro. De Atenas a Madrid - by Josep Borrell and Andreu Missé
Ediciones Turpial, 2011
Three years after the bankruptcy of Lehman Brothers and the outbreak of the financial and economic crisis, the global economic outlook is rather bad. Risk premiums for Spanish and Italian bonds have grown immensely and the prospects for growth in OECD countries are poor. Political and economic cohesion of the European Union weakens and the sovereign debt crisis threatens the eurozone. "The worst is now perfectly well possible," say EUI President Josep Borrell and Andreu Missé, the Brussels-correspondent of El Pais.
In the book, which is mainly written in the form of a conversation, the authors analyse how the Greek fiscal crisis has turned into the crisis of the euro. The authors reveal the key structural factors that led to the crisis and reflect on possible solutions. They argue that it "is not a new crisis, but the same that emerged four years ago, which is becoming systemic” and that “before surrendering, Europeans should seriously imagine how the world would be without a united Europe."