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Among these suggested policy options, debt restructuring is a key ingredient that should go either with internal or external devaluation. In light of the dire consequences under internal devaluation and constant bailout, the exit of EU peripheral economies would be a lesser evil and it is consensual among major economists. The timing of such exit is important because it involves whether such impact can be contained, i.e. whether a firewall is well established between major economies such as Spain and Italy and peripheral economies. Judging from previous history of financial crisis, such as Latin American debt crisis and US Saving and Loan crisis, it appears that bailout is almost always phrase one, and things never quite end there.
1. See A Crisis in Full Flight.
2. See The European Banking Union
3. See Europe’s Inevitable Haircut by Barry Eichengreen.
4. See An Optimistic Case for the Euro.
5. See discussions in A Centerless Euro Cannot Hold by Kenneth Rogoff.
6. See An Exit Strategy From the Euro by Robert Barro.
7. See An Exit Strategy From the Euro by Robert Barro.
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