Professor Brigitte Granville, CGR director, has published a new article on Project Syndicate. “The Economic Consequences of Greece” – co-authored with Alberto Bagnai, Peter Oppenheimer and Antoni Soy – analyses how the Greek crises exposes the cracks in the Economic and Monetary Union.
"The first sentence of the 1957 Treaty of Rome – the founding document of what would eventually become the European Union – calls for “an ever-closer union among the peoples of Europe." Recently, however, that ideal has come under threat, undermined by its own political elite, which adopted a common currency while entirely neglecting the underlying fault lines.
Today, those cracks have been exposed – and widened – by the seemingly never-ending Greek crisis. And nowhere are they more evident than in Greece's relationship with the International Monetary Fund."