Four lessons from the Eurozone crisis – and why the future of the euro remains uncertain

The fallout from the Eurozone crisis continues to have an impact on European economies, over six years after the crisis first peaked in 2010. Drawing on insights from recent research, Mark Copelovitch, Jeffry Frieden and Stefanie Walter discuss four lessons from the crisis:

1. the crisis has been largely predictable
2. monetary union has raised the political stakes in crisis management
3. the institutional problems that have plagued European Monetary Union from the start persist
4. unless there are significant reforms, the future of the euro remains uncertain.