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EURECA project – Hellenic Recovery Fund

2011

The Greek solvency crisis – in combination with speculative attacks on several euro zone countries – has placed a tremendous strain on fiscal and monetary policy in Europe.

It will not be possible to protect the integrity of the euro zone without austerity (substantial savings in the affected countries), solidarity (a willingness to share the burden) and creativity (understanding the workings of the capital market and playing the game by the corresponding rules).

The current conundrum for European policymakers does not seem to have a "mathematical solution space" – In real fiscal terms, it has so far only aggravated the problems for all concerned.

Yet we believe that resolving this conundrum is vital if the EU is to return to a pattern of ongoing economic integration and progress.

This document describes the foundation on which such a solution can be built.

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