While conditions in sovereign debt markets in the summer of 2013 were the best they had been in 3 years, the same could not be said for most of the Eurozone’s economies. Assessment of conditions now that the crisis may have turned, of the effects of the crisis and of policies taken to fight it, will need to be evaluated to determine what more can be done to improve the situation, and whether the willingness exists to embark on further actions. One question that can be asked is whether the price of the policies used was worth it—is the Eurozone better off than it might have been had nothing been done or had the euro been allowed to fail?
To determine the answer to that question requires an estimate of outcomes as they ...
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