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Pisani-Ferry, Jean
Sapir, André
Year of Publication: 
Series/Report no.: 
Bruegel policy contribution 2009/03
Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance system lacks some crucial properties: speed of reaction, policy discretion and centralised decision-making.
Document Type: 
Working Paper
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