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Eurozone Flaws: Uncovering the Holes in the Cheese

Author

Listed:
  • Francesco Passarelli

    (University of Teramo - Facoltà di Scienze della Comunicazione and ISPI, Milan)

  • Antonio Villafranca

    (ISPI, Milan)

Abstract

The paper describes the politico-economic context in which the crisis took place, presenting a theoretical framework able to capture the complex dynamics of the politico-economic bargains occurring between OCA countries in general and among Eurozone members in particular. We then proceed to review the rules EU policymakers adopted in their quest for an orderly conclusion to the crisis, taking stock of progress done towards deeper political and economic integration. We conclude by advancing a potential solution to make the Eurozone recovery more sustainable, all the while decreasing the likelihood and impact of future crises.

Suggested Citation

  • Francesco Passarelli & Antonio Villafranca, 2014. "Eurozone Flaws: Uncovering the Holes in the Cheese," Rivista di Politica Economica, SIPI Spa, issue 3, pages 127-152, July-Sept.
    • Handle: RePEc:rpo:ripoec:y:2014:i:3:p:127-152
    as

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    More about this item

    Keywords

    EU economic governance; monetary policy; fiscal policy.;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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