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Towards a more integrated, symmetric and viable EMU

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  • Norén, Ronny
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    Abstract

    The capacity of the EMU system to successfully tackle an economic crisis has been questioned during the recent financial and economic turmoil. The basic economic structure and competitiveness in the eurozone has developed in an undesirable direction. The number of member countries of the EMU, as well as the basic construction of the EMU system, must again be the focus of the discussion. After a study of the current accounts of 12 EMU countries follows a discussion in terms of the Barro–Gordon model about the costs of the EMU, i.e., to bring together the preferences of the political authorities in different EMU countries and the optimal combination of inflation and employment in the eurozone to determine the sought equilibrium of the model. If economic structural differences are increasing, they must be compensated by increased integration. It is feasible, but only for the economically viable EMU countries.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Policy Modeling.

    Volume (Year): 33 (2011)
    Issue (Month): 6 ()
    Pages: 821-830

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    Handle: RePEc:eee:jpolmo:v:33:y:2011:i:6:p:821-830

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    Web page: http://www.elsevier.com/locate/inca/505735

    Related research

    Keywords: PIIGS; Integration; Competitiveness; Symmetry; EMU zones;

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    References

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    1. ,, 2009. "Economics of Monetary Union," OUP Catalogue, Oxford University Press, edition 8, number 9780199563234.
    2. Ansgar Belke & Holger Zemanek & Gunther Schnabl, 2010. "Current Account Balances and Structural Adjustment in the Euro Area," Ruhr Economic Papers 0176, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    3. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 1-76.
    4. George A. Akerlof & William T. Dickens & George L. Perry, 2000. "Near-Rational Wage and Price Setting and the Long-Run Phillips Curve," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 1-60.
    5. Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Trachanas, Emmanouil & Katrakilidis, Constantinos, 2013. "Fiscal deficits under financial pressure and insolvency: Evidence for Italy, Greece and Spain," Journal of Policy Modeling, Elsevier, vol. 35(5), pages 730-749.
    2. Hooy, Chee-Wooi & Lim, Kian-Ping, 2013. "Is market integration associated with informational efficiency of stock markets?," Journal of Policy Modeling, Elsevier, vol. 35(1), pages 29-44.

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