The Sir Roland Wilson Foundation was established in 1998 with donations from ANU and the Wilson family estate to advance the study and development of public policy and management within Australia and internationally.
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Europe doesn’t have one financial crisis, it has three – a debt crisis, a banking crisis, and a growth crisis - and the only long-term solution means closer integration, according to a leading international economist.
Professor Barry Eichengreen is the George C Pardee and Helen N Pardee Professor of Economics and Professor of Political Science at University of California, Berkeley, and a former Senior Policy Advisor at the International Monetary Fund. He gave the Sir Roland Wilson Foundation annual lecture on Tuesday night at the ANU Crawford School, where he analysed the cause of Europe’s financial woes and map a path for recovery for the European Union.
“Europe has three crises – a debt crisis, a banking crisis and a growth crisis. The most serious of these is the banking crisis. European banks are more highly leveraged than banks in the USA and little has been done to correct this,” said Professor Eichengreen.
“Solving this will require some form of fiscal union in the Euro-zone and further steps in the direction of political integration. Specifically, over the next five years three key fiscal innovations are needed; a deposit insurance and bank resolution fund; an adequately-funded European Stability Mechanism to deal with emergencies; and an economic development fund for Europe’s poor and troubled regions – in other words, a Marshall Plan for Greece and Cyprus.”