Policy Center Lecture: William R. Cline
Title: Managing the Euro Area Debt Crisis
Speaker: William R. Cline (Senior Fellow, Peterson Institute for International Economics)
The European sovereign debt crisis started with Greece in 2010 and spread to Ireland, Portugal, Italy, and Spain. Only after the European Central Bank pledged in 2012 to do "whatever it takes" to preserve the euro area with purchases of government bonds did the situation stabilize, according to William R. Cline in this important new book, Managing the Euro Area Debt Crisis. Cline designs and executes analysis to trace the history of the euro area debt crisis and make projections of future debt sustainability. He contends that further debt restructurings for most euro area countries are not called for, whereas Greece may need some further debt relief contingent on continued progress on fiscal and structural reform. The book analyzes the mistakes, successes, and options for Europe as it struggles to overcome its worst economic disaster since World War II.
William R. Cline has been a senior fellow at the Peterson Institute for International Economics since 1981. During 1996–2001, while on leave from the Institute, Dr. Cline was deputy managing director and chief economist of the Institute of International Finance (IIF) in Washington, DC. From 2002 through 2011 he held a joint appointment with the Peterson Institute and the Center for Global Development, where he is currently senior fellow emeritus. Before joining the Peterson Institute, he was senior fellow at the Brookings Institution (1973–81); deputy director of development and trade research, office of the assistant secretary for international affairs, US Treasury Department (1971–73); Ford Foundation visiting professor in Brazil (1970–71); and lecturer and assistant professor of economics at Princeton University (1967–70). He holds a PhD (1969) in economics from Yale University.