At the forefront of growth and development in Asia and the Pacific

Seminar: Is the Eurozone Crisis Over?

Event | 26 February 2013 ADBI, Tokyo, Japan


ADBI's Seminar Series brings eminent persons to ADBI to encourage debate among policy makers, researchers, academics, think tanks and other audiences interested in economic development challenges in the Asia and Pacific region, and Europe.


As market sentiment is improving, more commentators are suggesting that the eurozone crisis is over. In this seminar, we start from the assessment that the depth of the crisis can be explained by the incomplete institutional structure of the eurozone. The eurozone has begun a genuine process of reforming its institutional structure. In addition to better surveillance instruments, the eurozone has achieved a big step toward completing its structure by creating a single banking supervisor. Yet, the process to date is incomplete. Bank resolution, as well as an agreement on the appropriate fiscal backstop, remains high on the agenda. The eurozone is facing three central risks: a slowdown or even halt of the reform process because of lower market pressure; a further deterioration of the macroeconomic situation, in particular in southern Europe; and a slowdown in the adjustment process in southern Europe aggravated by the strength of the euro.

Guntram Wolff is the Deputy Director of Bruegel. His research focuses on the eurozone economy and governance, fiscal policy, global finance, and Germany. He is also a member of the French Prime Minister's Conseil d'Analyse Economique.

He joined Bruegel from the European Commission, where he worked on the macroeconomics of the eurozone and the reform of eurozone governance. Prior to joining the Commission, he was an economist at Deutsche Bundesbank, where he coordinated the research team on fiscal policy. He also worked as an adviser to the International Monetary Fund.

He teaches at Université libre de Bruxelles and he serves on the advisory board of the European Studies center of Corvinus University, Budapest. He holds a PhD from the University of Bonn, studied economics in Bonn, Toulouse, Pittsburgh, and Passau, and previously taught economics at the University of Pittsburgh. He has published numerous papers in leading academic journals. His columns and policy work have been published and cited in leading international media such as the Financial Times, The New York Times, The Wall Street Journal, El Pais, La Stampa, FAZ, Handelsblatt, Financial Times Deutschland, BBC, ZDF, WDR, Die Welt, CNBC, and others.


Policymakers, academics and the general public.