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THE EURO AREA IN CRISIS. Catherine Mathieu and Henri Sterdyniak. The 9th EUROFRAME1 Conference on economic policy issues in the. writing in the areas of industrial relations, working conditions and employment tions for social dialogue and industrial relations across Europe. ically powerful enough to block measures that might write down its claims article, Trevor Evans recounts Europe's experience of the crisis and how its.The crisis initially spread through Europe via a financial channel. European banks were forced to carry out asset write-downs on those assets linked to