www.
jpmorganmarkets.
com
Europe Economic Research
28 May 2013
The Euro area adjustment: about
halfway there
Economic and Policy Research
David Mackie
(44-20) 7134-8325
david.
mackie@jpmorgan.
com
Malcolm Barr
(44-20) 7134-8326
malcolm.
barr@jpmorgan.
com...
More
www.
jpmorganmarkets.
com
Europe Economic Research
28 May 2013
The Euro area adjustment: about
halfway there
Economic and Policy Research
David Mackie
(44-20) 7134-8325
david.
mackie@jpmorgan.
com
Malcolm Barr
(44-20) 7134-8326
malcolm.
barr@jpmorgan.
com
Marco Protopapa
(44-20) 7742 -7644
marco.
protopapa@jpmorgan.
com
Alex White
(44-20) 7134-5298
alexander.
s.
white@jpmorgan.
com
Greg Fuzesi
(44-20) 7134-8310
greg.
x.
fuzesi@jpmorgan.
com
Raphael Brun-Aguerre
(44-20) 7134-8308
raphael.
x.
brun-aguerre@jpmorgan.
com
JPMorgan Chase Bank N.
A, London Branch
See page 9 for analyst certification and important disclosures.
The narrative of crisis management in the Euro area has two dimensions:
first, designing new institutions for the next steady state (EMU-2); and
second, dealing with the national legacy problems, some of which were
there at EMU’s launch and some of which arose during the first decade of
the monetary union’s life.
It is critical to understand that Germany’s approach
Less
