The Portuguese malaise: structural causes of the crisis and lessons for the Eurozone

André Azevedo Alves*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

4 Citations (Scopus)

Abstract

The analysis of the structural causes of the Portuguese crisis points to a mix of internal and external factors that reinforced each other. Among the external factors were the perverse incentives posed by the current institutional setting in the EU and the single currency. These have wider implications for the eurozone in that the long-term sustainability of the eurozone will require more effective operation of internal adjustment mechanisms. Additionally, the implementation of monetary competition in the eurozone is suggested as an alternative to the current path towards greater centralisation.

Original languageEnglish
Pages (from-to)47-52
Number of pages6
JournalEconomic Affairs
Volume31
Issue number2
DOIs
Publication statusPublished - 1 Jun 2011
Externally publishedYes

Keywords

  • Currency competition
  • Eurozone
  • Portuguese fiscal crisis

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