The Eurozone crisis is much more than a sovereign debt crisis. It puts into question the whole architecture of economic policy, from monetary policy to macroeconomic surveillance and sanctions. Beyond the short-run urgencies, EU members need to come out with a clear view of what kind of coordination device they want to invent. There are several routes forward, but failing to select one could contribute in marginalizing the Eurozone in the global economy.

 Keywords : CRISIS | EURO AREA | DEBT | INSTITUTIONS | GROWTH

 JEL : F36, O52, F34, EO2, O40

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