Inside the Euro Crisis: An Eyewitness Account

In mid-2009, Simeon Djankov was suddenly thrust into the job of finance minister of his native Bulgaria after having dealt with a variety of economic and financial crises as chief economist for finance and private sector development at the WorldMoreIn mid-2009, Simeon Djankov was suddenly thrust into the job of finance minister of his native Bulgaria after having dealt with a variety of economic and financial crises as chief economist for finance and private sector development at the World Bank. During nearly four years in that post, he attended more than 40 official meetings of European finance ministers and had a front row seat at the intense discussions and struggles to overcome the crisis that threatened to unravel the historic undertaking of an economically integrated Europe.In this personal but analytical account, Djankov details his odyssey on the front lines, observing Europes fitful efforts to contain crises spreading in Greece, Hungary, Ireland, Portugal, Spain, and later in Cyprus, Italy, and France. He tells the inside story of how the European Central Bank assumed responsibility for the crisis, pledging to do whatever it takes to save the euro area. This candid book also recounts the sharp battles in Europe over fiscal austerity, monetary policy, and banking supervision, while focusing on the personalities who promoted progress—and those who opposed it. He also tells the dramatic story of the events that led to his own resignation as finance minister in 2013 over the policies he was pursuing to spare Bulgaria from getting sucked into the crisis.