September 2, 2015 – Süddeutsche Zeitung published an editorial by SEP Director Marcello Messori, in which he discusses how to create a European plan for investment. He argues that the Greek crisis, which started six years ago, is an extreme case that has brought to light the deficiencies of the eurozone. It was characterized by a series of untimely decisions on the part of EMU member states, as well as inadequate adherence to agreed-upon commitments on the part of Greek politicians. All these factors maximized the economic and social costs to an already fragile Greek economy, condemning it to a depression and state of emergency.
He posits that it might be necessary to create conditions that would retrigger economic growth in Europe, suggesting the creation of a plan for European investment that takes cues from the Juncker Plan, but one that is more financially robust. This new plan could be a good starting point to help spur, in the short term, aggregate demand in the EMU, as well as improve the relative competitiveness of certain countries in the medium to long term.