Delivering the Eurozone ‘Consistent Trinity’

Marco Buti, Maria Demertzis, João Nogueira Martins, 30 March 2014

a

A

As argued in an earlier commentary, the financial crisis exposed important economic inconsistencies in the way that EMU operated.1 Although progress has been made, the reality is that more needs to be done.

Topics: Europe's nations and regions, Macroeconomic policy
Tags: banking union, debt, EMU, euro, eurozone, Eurozone crisis, fiscal consolidation, fiscal policy, imbalances, internal devaluation, Stability and Growth Pact, structural reforms

Independent monetary policies, synchronised outcomes

Espen Henriksen, Finn Kydland, Roman Šustek, 2 October 2013

a

A

The recession in the Eurozone has given new life to optimal-currency-area thinking. The argument goes that the disadvantages of a single currency come from the loss of flexibility and ability to use monetary policy to respond to “asymmetric shocks” (Krugman and Obstfeld 2009).

Topics: Exchange rates, Monetary policy
Tags: capital controls, Central Banks, EMU, exchange-rate policy, inflation, monetary policy

Eurobonds: Wrong solution for legal, political, and economic reasons

Daniel Gros, 24 August 2011

a

A

The term “Eurobond” is usually taken to mean a bond which has a “joint and several” guarantee by all member states of the Eurozone (see for instance Manasse 2010 and Suarez 2011).

Topics: EU institutions, EU policies, Europe's nations and regions, Financial markets, International finance, Politics and economics, Taxation
Tags: EMU, eurobonds, Eurozone crisis, Germany, Greece, Italy, political union, Portugal, Spain

The Irish Crisis

Philip Lane, 14 March 2011

Vox users can download CEPR Discussion Paper 8287 for free here. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

Journalists are entitled to free DP downloads on request; please contact pressoffice@cepr.org. To learn more about subscribing to CEPR's Discussion Paper Series, please visit the CEPR website.

URL: www.cepr.org/pubs/dps/DP8287.asp
Topics: EU institutions, EU policies, Europe's nations and regions, Macroeconomic policy
Tags: EMU, Irish crisis

Some observations on 'political' in EMU

Francesco Paolo Mongelli, 1 May 2010

Download CEPR Policy Insight No. 47 free of charge here.

URL: http://www.cepr.org/pubs/PolicyInsights/PolicyInsight47.pdf
Topics: Europe's nations and regions, Monetary policy
Tags: EMU, eurozone, monetary unions

Some benefits and costs from participating in a monetary union

Francesco Paolo Mongelli, 1 May 2010

a

A

Conventional wisdom views the benefits and costs from monetary unions as straightforward. The costs are macroeconomic– reduced influence over stabilisation policy – while the gains are microeconomic – improved economic efficiency. This is the perspective taken by most comments on the Eurozone’s recent travails (see Krugman 2010). The reality is more varied.

Topics: Europe's nations and regions, Monetary policy
Tags: EMU, eurozone, monetary unions

How Europe should harness market forces to deal with sovereign credit risk

Mathias Hoffmann, 20 March 2010

a

A

The sovereign debt crisis has revealed the lack of a mechanism for an orderly unwinding of fiscal imbalances and default in the Eurozone. Markets expect that the big EMU countries will eventually have to bail out Greece to avoid contagion to other, bigger countries and to defuse systemic risk for their own banking sectors. There is wide agreement that such a mechanism is urgently needed.

Topics: Europe's nations and regions, International finance
Tags: EMU, European Monetary Fund, sovereign debt

On the benefits and costs of a monetary union

Francesco Paolo Mongelli, 11 March 2010

URL: http://www.cepr.org/pubs/PolicyInsights/CEPR_Policy_Insight_046.asp
Topics: Europe's nations and regions, Monetary policy
Tags: EMU, eurozone, monetary unions

Some benefits and costs from participating in a monetary union

Francesco Paolo Mongelli, 11 March 2010

a

A

Conventional wisdom views the benefits and costs from monetary unions as straightforward. The costs are macroeconomic– reduced influence over stabilisation policy – while the gains are microeconomic – improved economic efficiency. This is the perspective taken by most comments on the Eurozone’s recent travails (see Krugman 2010). The reality is more varied.

Topics: Europe's nations and regions, Monetary policy
Tags: EMU, eurozone, monetary unions

The macroeconomic costs and benefits of the Economic and Monetary Union

Roel Beetsma, Massimo Giuliodori, 27 November 2009

a

A

More than ten years since its start, the costs and benefits of the Economic and Monetary Union (EMU) in Europe continue to be debated. “Technically”, the EMU has been a success. There have been no disruptions in the financial markets as a result of the monetary unification, nor has there been economic chaos otherwise.

Topics: EU institutions
Tags: currency union, EMU, fiscal policy

Vox eBooks