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Progetto euro: cosa è andato storto? La riforma necessaria dell’Eurozona

Author

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  • PierGiorgio Gawronski

    (Scuola Nazionale dell’Amministrazione, Roma)

Abstract

The article offers an overview of the literature on the many institutional weaknesses of the Eurozone exposed in the 2009-2013 period. Comparing failures with expected outcomes clarifies where the original project has gone wrong. Three main conclusions are offered. a) The Eurozone is even less a viable currency area than it was believed; the theory of Optimal Currency Areas underestimates the costs and overestimates the benefits of the euro; (b) Asymmetric shocks are stronger than expected; (c) Institutions are biased, ill-suited for managing even symmetric negative demand shocks. A comprehensive institutional reform would be the most appropriate response.

Suggested Citation

  • PierGiorgio Gawronski, 2014. "Progetto euro: cosa è andato storto? La riforma necessaria dell’Eurozona," Rivista di Politica Economica, SIPI Spa, issue 1, pages 95-182, January-M.
    • Handle: RePEc:rpo:ripoec:y:2014:i:1:p:95-182
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    More about this item

    Keywords

    ECB; Eurozone;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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