L’Europe après la crise

Infographie : François Descheemaekere

Europe After the Crisis
 
[The New York Times]

Andrew Moravcsik is professor of politics and international affairs and director of the European Union program at Princeton University’s Woodrow Wilson School of Public and International Affairs. 

[…] Over the past two years, the eurozone members have done a remarkable job managing the short-term symptoms of the crisis, although the costs have been great. Yet the long-term challenge remains: making European economies converge — that is, assuring that their domestic macro-economic behaviors are sufficiently similar to one another to permit a single monetary policy at a reasonable cost. For this to happen, both creditor countries, such as Germany, and the deficit countries in southern Europe must align their trends in public spending, competitiveness, inflation and other areas.[…] Aligning the Continent’s economies will first require Europe to reject the common misdiagnoses of today’s crisis. The problem is not primarily one of profligate public sectors or broken private sectors in southern European debtor countries.
[…] the deeper cause of today’s crisis lies in contradictions within the euro system itself. Ten years after adopting a common currency, Europe is still not an optimal currency area. Instead, the single currency exaggerates existing differences between countries.
Lire : nytimes.com