The Eurozone’s Real Weakness

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A new eurozone crisis would most likely have a less uneven effect than in 2008 or 2011, not least because its largest economies are currently weak.

  • Lucrezia Reichlin
  • Project Syndicate

But if a recession hits, policymakers will find it hard to mount an effective response.

LONDON – The 20th anniversary of the euro this year is a good time to reflect on the robustness of Europe’s monetary union.

The memory of the last crisis, which began in the United States in 2008, is still fresh in the minds of Europeans: the eurozone suffered more than the US, with some of its members getting hit much harder than others.

At a time when the eurozone is once again showing signs of a…

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