Cline's new book is a welcome contribution to the post-2008 literature of the crisis in the Eurozone, with a focus on the debt sustainability, fiscal adjustments, debt restructuring, banking union, and fiscal union. The book attempts to provide quantitative analysis of debt sustainability in the Eurozone periphery. The quantitative analysis gives the reader some first-pass insight into what is likely to happen, but being a partial equilibrium approach, it may not be rigorous enough to provide more robust predictions. Further quantitative analysis, however, must start from the very skillful work done in this fine book, Managing the Euro Area Debt Crisis.
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