Panel Considers Euro in Current Global Economy

“What I see in Europe is a crisis of leadership,” said Jan Svejnar.

Svejnar is the director of the Center on Global Economic Governance, which joined the European Institute in sponsoring a March 2 panel on “The Euro in the Global Economy 2016: A New Financial Crisis?” He joined fellow scholars to discuss the health of the Eurozone economy, the possibility of “Grexit” or “Brexit”—departure of Greece or Great Britain from the Eurozone—and the future of the Euro.

Panelist Adam Tooze, director of the European Institute, addressed the “spasm of anxiety” that has taken place in global financial markets over the European banking system. He also touched on the poor economic performance of countries like Portugal and Italy, which he said endangers the future of the Eurozone.

Willem Buiter, a senior research fellow who is the global chief economist at Citigroup, echoed Tooze’s critiques of the banking system: “Europe has too many banks, and not enough banking.”

The final panelist, Barnard economics professor Perry Merhling, focused his remarks on the history of European financial integration during the post-war period. “In some sense, the financial integration of Europe was phony,” he said.

Irene Finel-Honigman, an adjunct professor of international and public affairs, moderated the event, which was made possible thanks to the support of the European Union’s “Getting To Know Europe” program.

— Lindsay Fuller MPA ’16

Pictured from left: Jan Svejnar (standing), Irene Finel-Honigman, Adam Tooze, Willem Buiter