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The Sovereign Debt Crisis and the Future of the Euro Erik Jones

This is a second collection of essays on the euro and the financial crisis. My focus here is on the sovereign debt crisis that emerged in the early months of 2010. At the time, I kept telling journalists that the German government would soon step in to calm the markets and the growing sense of panic around Greek government bonds would quickly blow over. I could not have been more wrong. I guess I should probably stop talking to journalists. The first of these essays tried to explain why I think things should have evolved differently. The argument is that Germany should have accepted more responsibility and the German government should have behaved more responsibly. I don’t try to let Greece off the hook; but I do think that Germany had an important role to play – and failed. The second essay puts this argument in the broader context of the global economic crisis. I wrote this essay for a student audience seeking to make the link between broad patterns of globalization and interdependence and the specific events that unfolded during the crisis itself. The next two essays try to tie everything together through an analysis of the relationship between macroeconomic imbalances and sovereign debt markets. I keep circling around these issues because I think we have to unpack them if we are going to find a lasting solution to the problem of market instability. My point is not that we will keep having sovereign debt crises; rather it is that we will see the consequences of macroeconomic imbalances play out in any number of different asset markets. The bibliographic references are as follows: “Merkel’s Folly,” Survival 52:3 (June-July 2010) pp. 21-38. “Globalization and Interdependence,” in Erik Jones, et al., eds. Developments in European Politics 2 (Basingstoke: Palgrave, 2011) pp. 11-27. “Macroeconomic Imbalances and Sovereign Debt Markets,” in Kurt Huebner, ed. Europe, Canada, and the Comprehensive...

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