Caixin OnlineOpinionCommentaries The Euro Crisis and Euro Bonds
12.14.2011 18:36

The Euro Crisis and Euro Bonds

Tweaking the euro bond approach and taking joint liability for debt may be the only way to ensure the success of a fiscal union
By Gary Becker

After the financial crisis erupted in 2008, continental Europe on the whole appeared to be in better shape than the U.S. The main reason was that the big EU banks held smaller amounts of questionable mortgage-backed securities than did American (and British) banks. The housing markets in Germany, France, Italy, and most other member countries – Spain and Ireland are two exceptions – had not boomed as much as the American and British markets.

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