Tuesday, 8th April 2014
Euro Area Crisis: an Update
Source: House of Lords European Union Committee (UK)
There are welcome signs that the euro area crisis has eased. The eurozone has exited recession, and there are positive indications of progress in countries such as Ireland, Portugal and Spain. More than anything else, the ECB President Mario Draghi’s July 2012 commitment to “do whatever it takes” to save the euro has caused the existential crisis threatening the single currency to subside.
While the crisis may have abated, it would be unwise to conclude that the storm has entirely passed. Fundamental weaknesses remain which make the euro area vulnerable to future shocks. There are immense economic imbalances between core and periphery countries. Unemployment, and in particular youth unemployment, is at destructively high levels. The programme of structural reforms is incomplete in a number of Member States. Growth across the euro area is anaemic, and there are growing fears of a damaging deflationary spiral. Continued political tensions due to the effect of ‘austerity’ on the lives of EU citizens are apparent. Such weaknesses will continue to test the economic and political stability of the euro area for as long as they persist.
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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.
A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.
Adrian can be reached at firstname.lastname@example.org
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