A comprehensive approach to the euro-area debt crisis. Bruegel Policy Brief 2011/02, February 2011

In this Policy Brief Zsolt Darvas, Andre Sapir and Jean Pisani-Ferry propose a comprehensive solution to the current European crisis based in three pillars: a method to reduce the Greek public debt, a plan to restore banking sector soundness and a strategy to foster growth and competitiveness. The paper provides novel estimates and analysis focusing on the current situation of Greece, Spain, Italy and Portugal.