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Is high employment in the eurozone possible? Some reflections on the institutional structure of the eurozone and its crisis

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  • Mario Seccareccia

    (Department of Economics, University of Ottawa, ON, Canada)

Abstract

The paper analyses some well-known explanations of the eurozone crisis and seeks to provide an answer to the question of whether expansionary fiscal policy is feasible within the restrictive confines of the existing structure of the eurozone. The paper addresses this question by focusing on a very precise historical period, 2008–2009, which immediately followed the global financial crisis and the ensuing Great Recession, to understand what permitted such a sharp rise in government spending throughout the eurozone without triggering a sovereign debt crisis until early 2010.

Suggested Citation

  • Mario Seccareccia, 2017. "Is high employment in the eurozone possible? Some reflections on the institutional structure of the eurozone and its crisis," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(3), pages 351-371, December.
    • Handle: RePEc:elg:ejeepi:v:14:y:2017:i:3:351-371
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    More about this item

    Keywords

    eurozone crisis; fiscal policy; institutional adaptation;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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