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Crisis in the European Monetary Union: A Core-Periphery Perspective

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  • Federico Bassi

    (Université Paris 13, Sorbonne Paris Cité)

  • Cédric Durand

    (Université Paris 13, Sorbonne Paris Cité)

Abstract

“Crisis in the European Monetary Union: A Core-Periphery Perspective” explains what lies behind the decision of a set of politically, economically and socially heterogeneous countries, having in common a loose geographical proximity, to engage in a process of monetary integration, consisting of fully liberalizing goods and capital movements, establishing supranational authorities in charge of ensuring undistorted competition in a supposedly levelled playing field, and abandoning fiscal, monetary and exchange-rate sovereignty. This process of European-wide globalization reshaped the structural core-peripheries trade and industrial relationships. We assist today to the emergence of a polarized Europe, characterized by an industrial and industrialising core, a less industrialized and de-industrializing south periphery and a rapidly catching-up eastern periphery.

Suggested Citation

  • Federico Bassi & Cédric Durand, 2018. "Crisis in the European Monetary Union: A Core-Periphery Perspective," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(1), pages 251-256, April.
    • Handle: RePEc:spr:epolit:v:35:y:2018:i:1:d:10.1007_s40888-018-0094-6
    DOI: 10.1007/s40888-018-0094-6
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    1. Andrea Filippetti & Petros Gkotsis & Antonio Vezzani & Antonio Zinilli, 2020. "Are innovative regions more resilient? Evidence from Europe in 2008–2016," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 37(3), pages 807-832, October.

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    More about this item

    Keywords

    Industrial policies; European integration; European Monetary Union; Structural reforms; Inequalities; Industrial polarization;
    All these keywords.

    JEL classification:

    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • L50 - Industrial Organization - - Regulation and Industrial Policy - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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