By Enrico Marelli, Marcello Signorelli
This booklet bargains a clean standpoint at the contemporary Eurozone "double quandary" and its comparable fiscal guidelines. The authors current empirical proof which sheds new mild at the turning out to be monetary and political debate at the way forward for the Euro, the Eurozone and the ecu. The ebook investigates and assesses the influence of the situation with specific connection with financial and monetary coverage, whose protracted austerity method has dampened financial progress. of their dialogue of the long-run eu integration method, the authors emphasize the unique weaknesses within the development of the eu financial Union and view its failure to answer the new hindrance. The concluding bankruptcy makes a speciality of the necessity for the most important reform in eu governance and discusses the impression of the UK’s fresh ecu club referendum. students, scholars and individuals of most people with an curiosity sooner or later of the Eurozone will locate this paintings thought-provoking, instructive and hugely informative.
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Additional info for Europe and the Euro: Integration, Crisis and Policies
Many empirical studies were carried out both in the 1990s (to assess the validity of the project before establishing the EMU) and in the new century, prior to the crises; in fact, if the ‘endogeneity of OCA’s criteria’ proposition holds, the link should be from the EU’s institutional integration (the Maastricht Treaty and the euro’s birth) to trade deepening and then to cycle correlation. e. 13 Nevertheless, even in that period, some macroeconomic imbalances were mounting (as we shall see in a moment).
Spinelli and A. De Gasperi can be considered the persons that contributed most – with ideas and/or political actions – to the realization of an integrated Europe. 2. The ‘European project’ has indeed been successful in favouring the longest period of peace in the European continent, and this eminent achievement led in 2012 to the award of the Nobel Peace Prize to the EU. For a comprehensive overview of topics related to the process of European integration in the post-World War II period, see Badinger and Nitsch (2016).
4) imply that even the national budgets cannot be used in a ﬂexible way. Since early 1990s, not only has economic growth been feeble in the EU, especially in the Eurozone, but it has been heterogeneous across the different countries. g. Italy and Portugal) exhibited very low growth rates. 17 The macroeconomic imbalances – differences in growth rates, productivity and competitiveness dynamics, current account positions, public budgets – point to persistent asymmetries across the EU (and especially Eurozone) countries.