Contents

Introduction
Richard Baldwin and Daniel Gros

1. Drawing a line under Europe’s crisis
Barry Eichengreen

2. The Eurozone needs a political union, or at least elements of one
Paul De Grauwe

3. The Eurozone's levitation
Charles Wyplosz

4. Eurozone governance: What went wrong and how to repair it
Jean Pisani-Ferry

5. The European bicycle must accelerate
Angel Ubide

6. What more do European governments need to do to save the Eurozone in the medium run?
Thomas Mayer

7. The narrative outside of Europe about Europe’s fiscal crisis is wrong
Avinash D. Persaud

8. Rethinking national fiscal policies in Europe
Philip R Lane

9. A credible Stability and Growth Pact: Raising the bar for budgetary transparency
Michael C. Burda and Stefan Gerlach

10. Fiscal policy at a crossroads: The need for constrained discretion
Antonio Fatás and Ilian Mihov

11. Fiscal consolidation as a policy strategy to exit the global crisis
Giancarlo Corsetti

12. German spending is not the cure
Alberto Alesina and Roberto Perotti

13. The long shadow of the fall of the wall
Daniel Gros