9 December 3 AM: Statement by euro area heads of state or government
Friday, 9 December 2011 | 
Peter Lindmark
The European Union and the euro area have done much over the past 18 months to improve economic governance and adopt new measures in response to the sovereign debt crisis. However, market tensions in the euro area have increased, and we need to step up our efforts to address the current challenges. Today we agreed to move towards a stronger economic union. This implies action in two directions:
- a new fiscal compact and strengthened economic policy coordination;
- the development of our stabilisation tools to face short term challenges.
Paul Donovan - UBS: the euro is like the Hotel California: once you join you can never leave
Tuesday, 6 September 2011 | European Affairs
‘You can check-out any time you like, but you can never leave’
A potential ‘complete’ solution to the crisis is to abolish the euro or kick troubled countries out of the monetary union. While there is a satisfying simplicity to these options, they should only be thought of as last-ditch alternatives. The cost of reinstating a sovereign currency would be horrendous. As Paul Donovan, deputy chief global economist at UBS said on Bloomberg Radio, “the euro is like the Hotel California: once you join you can never leave”.
UBS Investment Research Global Economic Perspectives
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Tags: credit crisis, Economic governance, EU; euro, euro, political economy, UBS
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