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The Transformation of EU’S MU to a Real EMU as a Need for Addressing Crises

In: Business Development and Economic Governance in Southeastern Europe

Author

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  • Charalampos Chrysomallidis

    (Neapolis University Paphos)

Abstract

More than a decade has passed since the outbreak of deficit crisis in Greece, and the question that arose was whether Greek economy was stabilised—at least until the COVID-19 pandemic. On the other hand, economic prospects in Europe are related—up to a point—to next steps in European integration, especially those dealing with the transformation of Monetary Union (MU) into a real Economic and Monetary Union (EMU). This correlation may be crucial for ‘peripheral’ Eurozone member states. For the purposes of the article, the operation of Monetary Union and its implications for less competitive Eurozone member states, including Greece, is examined. In this analysis impact of fiscal and pandemic crises on economy is also taken into account. The article examines initiatives and proposals for making the MU resembling more to EMU under the pressure of recent crises, concluding that a potential evolution of existing architecture of the Eurozone seems to be necessary, in order to avoid similar asymmetric shocks and crises in the future.

Suggested Citation

  • Charalampos Chrysomallidis, 2022. "The Transformation of EU’S MU to a Real EMU as a Need for Addressing Crises," Springer Proceedings in Business and Economics, in: Pantelis Sklias & Persefoni Polychronidou & Anastasios Karasavvoglou & Victoria Pistikou & Nikolaos (ed.), Business Development and Economic Governance in Southeastern Europe, pages 93-108, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-05351-1_5
    DOI: 10.1007/978-3-031-05351-1_5
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    More about this item

    Keywords

    Greece; Eurozone; Crisis; Growth; European integration; Fiscal union;
    All these keywords.

    JEL classification:

    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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