EMU as a sustainable currency area

Annette Bongardt, Francisco Torres

Resultado de pesquisarevisão de pares


EMU’s governance framework was incomplete at its inception. Its institutional fragilities allowed for the building up of competitiveness and fiscal disequilibria in some Member States during its first ten years and left the Eurozone unprepared to cope with the sovereign debt crisis. While some of those weaknesses have been addressed in response to the crisis EMU’s governance framework remains incomplete to date and therefore vulnerable to adverse market and political-economy pressures. This chapter argues that EMU – or at least the membership of individual countries – will not be sustainable without national adjustment capacity and willingness to implement economic reforms. Those reforms are also a pre-condition for promoting sustainable growth and hence a credible crisis exit strategy. Although EMU’s resilience could still be guaranteed through other mechanisms in the absence of sufficient national adjustment capacity, notably a banking union with an orderly state bankruptcy regime, even if feasible it would mean a rather different model of European integration.
Idioma originalEnglish
Título da publicação do anfitriãoThe Euro and the Crisis
Subtítulo da publicação do anfitriãoFuture Perspectives for the Euro zone as a Monetary and Budgetary Union
EditoresNazaré da Costa Cabral, José Renato Gonçalves, Nuno Cunha Rodrigues
EditoraSpringer Nature Switzerland AG
Número de páginas16
ISBN (eletrónico)9783319457109
ISBN (impresso)9783319457093
Estado da publicaçãoPublicado - 2017
Publicado externamenteSim

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