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Policymaking in the Eurozone and the Core vs Periphery Problem

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  • Stergios Skaperdas

Abstract

I argue that the eurozoneÂ’s current problems are primarily structural: A weak central bank; the absence of fiscal coordination; fragmented bank supervision with individual countries having the ultimate responsibility for supporting banks but without the ability to print their own currency. At the same time, European elites of the core have been driven by very short-term objectives whereas the Greek and Irish governments have shown no appetite to represent their own citizens in negotiations. In the absence of any moves towards political integration and to avoid a probable disorderly exit, it is critical to formally establish an opt-out clause for exit from the eurozone and, in the meantime, rapidly prepare procedures for such an exit.

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File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/ZS/ZS-CESifo_Forum/zs-for-2011/zs-for-2011-2/forum2-11-focus2.pdf
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Bibliographic Info

Article provided by Ifo Institute for Economic Research at the University of Munich in its journal CESifo Forum.

Volume (Year): 12 (2011)
Issue (Month): 2 (07)
Pages: 12-18

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Handle: RePEc:ces:ifofor:v:12:y:2011:i:2:p:12-18

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Keywords: Geldpolitik; Finanzpolitik; Öffentliche Schulden; Eurozone; Europäische Wirtschafts- und Währungsunion;

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  1. Aaron Brown, 2011. "Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, by Barry Eichengreen," Quantitative Finance, Taylor & Francis Journals, vol. 11(6), pages 825-826.
  2. Gary Richardson & William Troost, 2009. "Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929-1933," Journal of Political Economy, University of Chicago Press, vol. 117(6), pages 1031-1073, December.
  3. Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472, Octomber.
  4. Kevin H. O'Rourke, 2011. "A Tale of Two Trilemmas," The Institute for International Integration Studies Discussion Paper Series iiisdp364, IIIS.
  5. De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers 5523, Centre for European Policy Studies.
  6. Lester, Simon, 2011. "The Globalization Paradox: Democracy and the Future of the World Economy by Dani Rodrik New York: Norton, 2011," World Trade Review, Cambridge University Press, vol. 10(03), pages 409-417, July.
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