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John H. Cochrane, Klaus Masuch, and Luis Garicano, "Crisis Cycle: Challenges, Evolution, and Future of the Euro" (Princeton UP, 2025)
Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025)
John Cochrane
Luis Garicano
Klaus Masuch
PRINCETON UNIVERSITY PRESS, 2025
Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge.
The euro area emerged from these tests but may not survive the…
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