Lessons from the European Crisis

Have Europeans mastered or even resolved the currency crisis? There is evidence that the reform process at both the national and supranational level with positive results is under way. At the same time, it is a fact that more and more Eurozone countries (Cyprus and Slovenia) now require external financial assistance. It is also true that the costs of granting additional aid to fellow member states and of prolonging the timeline for economic reforms and fiscal consolidation is placing a growing strain on the donor economies.

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