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Economic Research

Will Europe's PIGS Learn to Fly?

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EXECUTIVE SUMMARY

The extent of the fiscal pressures facing Greece, and the inherent inability of the EU/ECB to handle such crises with the deliberation and conditionality required, suggest the need for IMF involvement if the EU is to avoid a larger, more devastating round of contagion across the weaker tier of eurozone members. The interlinked nature of EMU turns a relative midget – Greece, accounting for a mere 3 percent of the eurozone’s GDP, into a systemic entity. Thus, if Greece is, as RGE believes, “too-interconnected-to-fail,” the EU needs to put theoretical concerns[...]

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