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1、NBERWORKINGPAPERSERIESENDINGTHEEUROCRISIS?MartinS.FeldsteinWorkingPaper20862http://www.nber.org/papers/w20862NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138January2015TheviewsexpressedhereinarethoseoftheauthoranddonotnecessarilyreflecttheviewsoftheNationalBure
2、auofEconomicResearch.NBERworkingpapersarecirculatedfordiscussionandcommentpurposes.Theyhavenotbeenpeer-reviewedorbeensubjecttothereviewbytheNBERBoardofDirectorsthataccompaniesofficialNBERpublications.?2015byMartinS.Feldstein.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagrap
3、hs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,including?notice,isgiventothesource.EndingtheEuroCrisis?MartinS.FeldsteinNBERWorkingPaperNo.20862January2015JELNo.E5,E6,H2ABSTRACTAlloftheattemptstoendtheeurocrisisandtoreturntheEurozonecountriestohealthygrowthratesofincome
4、andemploymenthavefailed.Theoptionsthatarecurrentlybeingdiscussedarenotlikelytobemoresuccessful.Ifthereisapoliticallyfeasiblewayoutofthecrisis,itwillbethroughrevenueneutralfiscalincentivesadoptedbytheindividualEurozonecountries.Idescribesomeofthesefiscaloptionsafterreviewingthehistoryo
5、ffailedattemptsandtheoptionsthatarecurrentlyonthetable.MartinS.FeldsteinPresidentEmeritusNBER1050MassachusettsAvenueCambridge,MA02138-5398andNBERmsfeldst@nber.orgENDINGTHEEUROCRISIS??MartinFeldsteinTheremaybenowaytoendtheeurocrisis.Thatwastrueevenbeforetherecentpoliticaldevelopmentsin
6、Greece.Theeurofaceddifficultchallengesfromthebeginning:anattempttoforceaheterogeneousgroupofcountriestouseasinglecurrencywithasingleexchangeratedespitethelackofthedefactolabormobilityandthelargeinterstatefiscaltransfersthatallowtheUnitedStatestooperatesuccessfullywithasinglecurrency.A
7、lloftheattemptstoendtheeurocrisissinceitbeganandreturntheEurozonecountriestohealthygrowthratesofincomeandemploymenthavefailed.Theoptionsthatarecurrentlybeingdiscussedarenotlikelytobemoresuccessful.Ifthereisapoliticallyfeasiblewayoutofthecrisis,itwillbethroughrevenueneutralfiscalincent
8、ivesa
