The eurozone crisis is not yet over and more institutional action is needed beyond the agreement for a banking union reached among top European leaders last year, a senior economist from a leading European think tank said at a recent symposium in Tokyo.
"The crisis still remains very present, even though the immediate tensions have come down," said Guntram Wolff, deputy director of Bruegel. "The debt overhang remains large, price adjustment is painfully slow, even in the face of major recessions. The institutional response is well under way, but many of the contentious issues are still ahead of us."
Wolff was speaking during the symposium on the European economy and the eurozone debt crisis, organized by the Keizai Koho Center on Feb. 25.
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