Research
Crisis Cycle: Challenges, Evolution, and Future of the Euro
With Luis Garicano and Klaus Masuch. Published June 17 2025 at Princeton University Press. At Amazon. The euro started with a good monetary-fiscal framework. However, innovations in a series of unexpected crises changed the monetary-fiscal foundations of the euro dramatically. We tell the story, and suggest reforms. Blog post summary.
With Luis Garicano and Klaus Masuch. Published June 17 2025 at Princeton University Press. At Amazon.
The euro started with a good monetary-fiscal framework. However, innovations in a series of unexpected crises changed the monetary-fiscal foundations of the euro dramatically. We tell the story, and suggest reforms.
You can read the introduction for free at the PUP website.
Reviews
Volker Wieland writing for the IMF Finance and Development Magazine June 2025.
Jesús Fernández-Villaverde a nice tweet. Don’t miss the emoji.
A Martin Wolf (FT) “Best Summer Books of 2025.”