Design Defects and Policy Failures

An Institutional Analysis of the Eurozone Crisis
Friday October 5, 2012

This seminar offers a diagnosis of the current European debt crisis that traces its origins to inherent flaws in the legal and institutional design of the Eurozone.

Overview

This seminar offers a diagnosis of the current European debt crisis that traces its origins to inherent flaws in the legal and institutional design of the Eurozone. Questions to be addressed include:

  • Is the European Monetary Union responsible for the current Eurozone crisis?

  • What role have core nations such as Germany and France played in the crisis, compared to peripheral nations such as Spain and Greece?

  • What are the political and economic implications of austerity?

  • What policies should Europe adopt to resolve this crisis?

Participants

Speakers:

Marshall Auerback

Director of Institutional Partnerships
Institute for New Economic Thinking

Marshall Auerback has 30 years’ experience in the investment management business, serving as a global portfolio strategist for Pinetree Capital, a Canadian-based fund management group. He also serves as an economic consultant to PIMCO, the world’s largest bond fund management group, a Research Associate for the Levy Institute at Bard College, and a Research Fellow for the Economists for Peace and Security.

Yanis Varoufakis

Finance Minister
Greece

Yanis Varoufakis is Professor of Economic Theory at the University of Athens and Visiting Professor at the Lyndon B. Johnson Graduate School of Public Affairs at the University of Texas at Austin. He is also an In-House Economist with Valve Software. From 2004-2007, he was an economic advisor to George Papandreo. Dr. Varoufakis runs a blog at Valve, as well as his personal blog, Yanis Varoufakis: Thoughts for a Post-2008 World. His most recent book is The Global Minotaur: America, The True Origins of the Financial Crisis and the Future of the World Economy, London and New York: Zed Books, 2011.

Moderator: 

Georges Ugeux

Lecturer-in-Law
Columbia Law School

Georges Ugeux is Lecturer-in-Law at Columbia Law School, where he teaches a course on European Banking and Finance. He has lectured at the Catholic University of Louvain, the College of Europe in Bruges, and has advised the International Financial Systems Program at Harvard Law School. Dr. Ugeux is the founder of Galileo Global Advisors, LLC, which specializes in cross borer transactions to and from emerging markets.

Outline

Resources

Yanis Varoufakis

Related Materials

Six Lessons from the Euro Crisis

Kregel, Jan Six Lessons from the Euro Crisis. Policy Note. Annandale-on-Hudson, NY: Levy Economics Institute of Bard College, 2012.

Transcript