The Euro area crisis: from pre-history to aftermath

Author(s):
Verdun, A.C. (0000-0002-4876-753X)
Editor(s):
Segers, M.; Van Hecke, S.
Published
2023
Publication type
Part of book or chapter of book

Abstract

On 26 July 2012, Mario Draghi declared in front of a group of about 200 London business people that he would do ‘whatever it takes to save the euro’.1 These seven words have been analysed to have made all the difference.2 By doing so, the European Central Bank (ECB) effectively ended a long period of uncertainty and indecisiveness. The markets needed a strong signal so that they knew that the young European currency would be supported politically and economically. After summer 2012, the euro area did not experience the same level of crisis, although the sovereign debt crisis was truly resolved only in 2015 and there were still challenging times until then.

Economic and Monetary UnionEuropean integrationGovernance
Date issued
2023-10-12
Language
English
Publisher
Cambridge: Cambridge University Press
Is part of
The Cambridge History of the European Union (2023), p. 308-338
ISBN source
9781108478939
Edition
1st
hdl
1887/3720213
doi
10.1017/9781108781480.012