In this post we summarize the main results of our contribution to a recent e-book, “The Making of the European Monetary Union: 30 years since the ERM crisis,” on the economic and financial crises in Europe since 1992-93, and focus on the spillovers of those crises onto the United States and the global economy. We find that the answer to the question in the title of this post is a (moderate) yes. About thirty years ago, many European countries witnessed a series of speculative attacks in their currency and bond markets, in parallel with high unemployment, plummeting growth, and disruption in the financial and banking ... (full story)