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Raphael Moreau
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Raphael Moreau

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http://www.nybooks.com/articles/archives/2011/oct/13/does-euro-have-future/
To resolve a crisis in which the impossible becomes possible it is necessary to think about the unthinkable. To start with, it is imperative to prepare for the possibility of default and defection from the eurozone in the case of Greece, Portugal, and perhaps Ireland. To prevent a financial meltdown, four sets of measures would have to be taken.
First, bank deposits have to be protected. If a euro deposited in a Greek bank would be lost to the depositor, a euro deposited in an Italian bank would then be worth less than one in a German or Dutch bank and there would be a run on the banks of other deficit countries.
Second, some banks in the defaulting countries have to be kept functioning in order to keep the economy from breaking down.
Third, the European banking system would have to be recapitalized and put under European, as distinct from national, supervision.
Fourth, the government bonds of the other deficit countries would have to be protected from contagion. The last two requirements would apply even if no country defaults.

[...]
That is the only way to forestall a possible financial meltdown and another Great Depression.
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Raphael Moreau

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Louis d'Arvieu's profile photo
 
Ouf la France n'est pas dans le tableau, la France est éternelle ! 
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People
Have him in circles
86 people
Constance Jay's profile photo
Renaud THIARD's profile photo
Sniggy Baddam's profile photo
Roman Blanquet's profile photo
Thomas Fraudet's profile photo
Nathalie Zan's profile photo
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  • ESSEC
    2003 - 2008
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Paris - London - Boston
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