Eurozone Crisis: Is the Union at Risk?

Eurozone Crisis: Is the Union at Risk?

Eurozone Crisis: Is the Union at Risk?

Recently, the NCAFP published the proceedings from a day-long, closed-door roundtable on the "Eurozone Crisis: Is the Union at Risk?" The event was held on October 8, 2013 in New York and featured presentations from Dr. Christiane Lemke, Max Weber Chair for German and European Politics, New York University, Nicolas Véron,Visiting Fellow, Peterson Institute for International Economics & Senior Fellow, Bruegel, and Mr. Joseph Quinlan, Managing Director, Chief Market Strategist, U.S. Trust Company, Bank of America Private Wealth Management.

Abstract: Ever since the financial crisis beginning in 2008 the euro currency, adopted by 17 of the 27 member states of the European Union, has been under pressure. The euro is the only major currency in the modern era issued by a bank, not a state. The integrity of the currency has been under challenge, as has been the viability of the European Union itself. A rift has opened between the wealthier states in the Eurozone and the peripheral states, particularly Portugal, Italy, Ireland, Greece, and Spain. Political leaders of member states have striven in a series of summit meetings to strengthen the European Central Bank, coordinate economic policies and increase competitivity throughout the Eurozone. Some observers have called for a banking union, to be followed by a fiscal union, then an economic governance and finally a more perfect political union. The prospects of each of these options were examined in the conference. What happens in Europe does not stay in Europe. The United States is affected by the evolution of the fiscal crisis in its principal trading and strategic partner in the world.

To view a PDF of the transcript, please click here.

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