No. 243. External versus Domestic Debt in the Euro Crisis - Gros, Daniel (CEPS Centre for European Policy Studies, 2011)
As EU leaders muddle through the eurozone crisis, the debate about its root causes continues. The debate is important if we are to understand how to prevent future crises. This Policy Brief argues that the focus on total public debt is misleading, for it is external debt that is the key to the turmoil in European economies