When, Where, Who?

Tuesday, April 12, 2011
3 pm

Rapaporte Treasure Hall

Co-Sponsored by:
The Rosenberg Institute of Global Finance
The International and Global Studies Program

Euro in Crisis?

From Iceland to Spain, from Ireland to Greece--the European Union has been struggling mightily in the wake of the financial crisis. In a New York Times Magazine article this January, American Economist and 2008 Nobel Memorial Prize winner Paul Krugman suggested that the Euro might be doomed--indeed that it might have been ill-conceived from the start:"The architects of the euro, caught up in their project's sweep and romance, chose to ignore the mundane difficulties a shared currency would predictably encounter - to ignore warnings, which were issued right from the beginning, that Europe lacked the institutions needed to make a common currency workable. Instead, they engaged in magical thinking, acting as if the nobility of their mission transcended such concerns."
On Friday, March 25, 2011 the leaders of the European Union decided on the establishment of a permanent stability fund for the Eurozone countries, the European Stability Mechanism, with a capital of EUR 700 billion, which would take effect in 2013. Will this measure be sufficient to secure the future of the currency? This panel will explain the chances and challenges facing the Eurozone, and sketch some possible scenarios for future developments.

Panelists:
Lucas Papademos, Former Vice-President of the European Central Bank, currently Visiting Professor of Public Policy, Harvard University; Professor of Economics at the University of Athens and Senior Fellow at the Center for Financial Studies, Goethe University Frankfurt

Jeffry Frieden, Stanfield Professor of International Peace and International Relations, Department of Government, Harvard University

Respondent: Catherine L. Mann, Barbara and Richard M. Rosenberg Professor of Global Finance, Brandeis University

Moderator: Chandler Rosenberger, Assistant Professor of International and Global Studies and Sociology, Brandeis University