This paper aims at uncovering the “holes” that the EMU’s progressive integration over the last three years left in the European “cheese”. The paper describes the politico-economic context in which the crisis took place, presenting a theoretical framework able to capture the complex dynamics of the politico-economic bargains occurring between OCA countries in general and among Eurozone members in particular. It then proceeds to review the rules EU policymakers adopted in trying to reach an orderly conclusion to the crisis, taking stock of progress done towards deeper political and economic integration, while trying to assess what was left to be done. In its conclusions, the paper advances what can be seen as a potential solution to make the Eurozone recovery more sustainable, all the while decreasing the likelihood and impact of future crises.
Eurozone Flaws: Uncovering the Holes in the Cheese
PASSARELLI, Francesco;
2014-01-01
Abstract
This paper aims at uncovering the “holes” that the EMU’s progressive integration over the last three years left in the European “cheese”. The paper describes the politico-economic context in which the crisis took place, presenting a theoretical framework able to capture the complex dynamics of the politico-economic bargains occurring between OCA countries in general and among Eurozone members in particular. It then proceeds to review the rules EU policymakers adopted in trying to reach an orderly conclusion to the crisis, taking stock of progress done towards deeper political and economic integration, while trying to assess what was left to be done. In its conclusions, the paper advances what can be seen as a potential solution to make the Eurozone recovery more sustainable, all the while decreasing the likelihood and impact of future crises.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
