The European sovereign debt crisis emerged from a few euro members being stuck with high-deficits and high-indebtedness, and thus is oversimplified to be referred to as the euro debt crisis. It, in fact, consists of several individual crises with different causes. The Greek crisis was a governance crisis that lacks of fiscal disciple by nature; the Irish and Spanish crises were the bubble crisis of the property sector and banking crisis caused by the US sub-prime crisis; the Italian and Portuguese crises involve more structur..
This paper examines what the euro means, both to the current offshore- dominated City of London (the City) and for its future development. With its offshore nature, the City benefits more from the introduction of the euro than being threatened. Its competitive advantage as an offshore global portal of euro-related business, however, does not harmonize opinions within the City on the issue of the UK’s euro membership. Rather, City practitioners’ attitudes are divided. This finding thus challenges the conventional w..
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