Publications

Yes, but - defining a vision after the Karlsruhe verdict

7 September 2011
Janis A. Emmanouilidis (Director of Studies) and Fabian Zuleeg (Chief Executive and Chief Economist)



In this commentary on the Karlsruhe verdict, Janis A. Emmanouilidis and Fabian Zuleeg argue that while the Court’s decision allows euro rescues to take place, and could provide brief relief in the markets, many elements still exist which mean the euro zone will face more storms in coming months. The authors argue that while Europe urgently needs to begin a more permanent reform of economic governance, its leaders are anxious to avoid another long and painful debate because of the controversies it is likely to raise. The solution is to begin by defining a vision and then deciding how to put it into practice, otherwise, the authors warn, the crisis could deepen, leading to potential disintegration with great economic and political costs for current and future generations.

Yes, but - defining a vision after the Karlsruhe verdict