Completing the Eurozone rescue: What more needs to be done?

by Richard Baldwin and Daniel Gros

Vox
June 17, 2010

The euro’s crisis is not over. Measures taken in May were critical but they were palliatives not a cure. The Eurozone rescue needs to be completed. This column introduces a new Vox eBook that gathers the thinking of a dozen leading economists on what more needs to be done.

Eurozone leaders embraced two bold moves in May – a Greek bailout worth €110 billion, and a Special Purpose Vehicle to fund future bailouts up to €750 billion (counting the IMF’s maximum contribution)--enough to refinance Irish, Portuguese, and Spanish public debt needs for a couple of years. And the ECB is helping with direct purchases of government bonds.

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