Deposit Flight

Has the Euro Crisis turned a corner?

This piece was written on the 14th of September and appeared as an Op-Ed in the Wall Street Journal on the 20th of September

Markets have been euphoric about the recent good news in the euro zone: the European Central Bank’s promise of potentially unlimited bond purchases, the announcement of a banking union, Germany’s green light for the European Stability Mechanism (ESM), a pro-European result in the Dutch election, and a softer EU stance on Greece.

All of this is in marked contrast to the fears of a summer meltdown that never quite happened. Could this be the beginning of the end of the euro zone’s crisis?