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Chapter 3: Struggling with Constraints

Author

Listed:
  • Torben M. Andersen
  • Giuseppe Bertola
  • John Driffill
  • Clemens Fuest
  • Harold James
  • Jan-Egbert Sturm
  • Branko Uroševic

Abstract

The EMU in its current incarnation incorporates only a fraction of the important automatic stabilisation mechanisms of currency unions and/or federal states that run smoothly. This imposes serious limitations on its members’ ability to respond to severe asymmetric shocks. In countries facing little or no growth, resentment of the currency union and the European Union itself is starting to rise. In this chapter we consider different ways of dealing with the constraints imposed by the incomplete currency union, both cooperative and non-cooperative.

Suggested Citation

  • Torben M. Andersen & Giuseppe Bertola & John Driffill & Clemens Fuest & Harold James & Jan-Egbert Sturm & Branko Uroševic, 2019. "Chapter 3: Struggling with Constraints," EEAG Report on the European Economy, CESifo, vol. 0, pages 61-76, February.
  • Handle: RePEc:ces:eeagre:v::y:2019:i::p:61-76
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