Eurozone’s largest export: Its problems

When it is well within the eurozone’s ability to buy its own debt, why on earth would any outsiders want to step in with their own money, writes Daniel Gros

EUROPEAN policymakers like to extol the strength of the eurozone: Relative to the US, it has a much lower fiscal deficit (4% of GDP, compared to almost 10% for the US).

Moreover, unlike the US, the eurozone does not have an external deficit, which means that the monetary union holds enough savings to finance all of its members’ budget deficits and resolve their debt problems.