|Author (Person)||Véron, Nicolas|
|Series Title||Bruegel Policy Contributions|
|Series Details||No. 13, August 2016|
|Publication Date||August 2016|
|Content Type||Journal | Series | Blog|
Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach to the financial sector was appropriate and successful in Ireland and Spain, more limited in the Greek Stand-By Arrangement, and less compelling in Portugal.
|Subject Categories||Economic and Financial Affairs|
|Countries / Regions||Europe, Greece, Portugal, Spain|