From the Euro-Crisis to a New European Economic Architecture

  • Michael G. Arghyrou
Part of the Palgrave Macmillan Studies in Banking and Financial Institutions book series (SBFI)


The global financial crisis of 2007–2009 and the subsequent, still ongoing, European sovereign debt crisis revealed serious flaws in the institutional design of the Economic and Monetary Union (EMU). The events of the last seven years have clearly shown that the pre-crisis euro-governance framework lacked the crisis-prevention capacities necessary for the euro’s long-term sustainability, as well as the capacity required for effective management of crises.


Euro Area European Central Bank Sovereign Bond European Stability Mechanism Periphery Country 
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© Michael G. Arghyrou 2015

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  • Michael G. Arghyrou

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