The financial crisis and Euro crisis - Roundtable discussion with Mario Monti, Sylvie Goulard, Fritz W. Scharpf, John C. Stevens and Henrik Enderlein

Description:

Prof. Henrik Enderlein (Hertie School) chaired a lively roundtable discussion at the 2011 Dahrendorf Symposium on the financial and Euro crisis. Mario Monti (former European Commissioner, University of Milano), Sylvie Goulard (Member of the European Parliament), Prof. Fritz W. Scharpf (Max-Planck-Institut für Gesellschaftsforschung) and John C. Stevens all brought their expertise to what proved to be a fruitful and thought-provoking exchange. www.dahrendorf-symposium.eu

Title: Roundtable: The financial and Euro crisis, Hertie School Berlin

Source: http://www.youtube.com/watch?v=G0qTODSYyzg&feature=related

Background information

From late 2009, fears of a sovereign debt crisis developed among investors concerning rising government debt levels across the globe together with a wave of downgrading of government debt of certain European states. Concerns intensified early 2010 and thereafter making it difficult or impossible for Greece, Ireland and Portugal to re-finance their debts. On 9 May 2010, Europe's Finance Ministers approved a rescue package worth €750 billion aimed at ensuring financial stability across Europe by creating the European Financial Stability Facility (EFSF). In October 2011 eurozone leaders agreed on another package of measures designed to prevent the collapse of member economies. This included an agreement with banks to accept a 50% write-off of Greek debt owed to private creditors, increasing the EFSF to about €1 trillion, and requiring European banks to achieve 9% capitalisation. To restore confidence in Europe, EU leaders also suggested to create a common fiscal union across the eurozone with strict and enforceable rules embedded in the EU treaties. While the sovereign debt increases have been most pronounced in only a few eurozone countries, they have become a perceived problem for the area as a whole. Nevertheless, the European currency has remained stable. As of mid-November 2011 it was trading even slightly higher against the Euro bloc's major trading partners than at the beginning of the crisis. The three most affected countries, Greece, Ireland and Portugal, collectively account for six percent of eurozone's gross domestic product (GDP).

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