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How to deal with economic divergences in EMU?

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Since the launch of the euro, persistent and even rising disparities among Member States have made it difficult to implement short-term or structural common economic policies. The article gives an overview of euro area disparities in terms of growth and inflation and imbalances, mainly unemployment and current accounts. Four explanations are considered: the benefits of the single currency for catching-up countries, the weaknesses of the euro area economic policy framework; the implementation of non-cooperative domestic policies which have induced excessive competition and insufficient coordination and hurt mainly the larger economies; the crisis of the European Continental model in a global world. Four strategies are discussed: increasing market flexibility; moving towards the knowledge society of the Lisbon Agenda; re-nationalising economic policies; introducing a more growth-oriented policy framework.

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Paper provided by Observatoire Francais des Conjonctures Economiques (OFCE) in its series Documents de Travail de l'OFCE with number 2007-14.

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Date of creation: 2007
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Handle: RePEc:fce:doctra:0714

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  1. Alberto Alesina & Roberto Perotti, 2004. "The European Union: A Politically Incorrect View," Harvard Institute of Economic Research Working Papers 2029, Harvard - Institute of Economic Research.
  2. André Sapir, 2006. "Globalisation and the reform of European social models," ULB Institutional Repository 2013/8112, ULB -- Universite Libre de Bruxelles.
  3. Catherine Mathieu & Henri Sterdyniak, 2003. "Réformer le Pacte de stabilité : l’état du débat," Sciences Po publications info:hdl:2441/1783, Sciences Po.
  4. Servaas Deroose & Sven Langedijk & Werner Roeger, 2004. "Reviewing adjustment dynamics in EMU: from overheating to overcooling," European Economy - Economic Papers 198, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  5. Nicholai Benalal & Juan Luis Diaz del Hoyo & Beatrice Pierluigi & Nikiforos Vidalis, 2006. "Output growth differentials across the euro area countries - some stylised facts," Occasional Paper Series 45, European Central Bank.
  6. Charles Wyplosz, 2006. "European Monetary Union: the dark sides of a major success," Economic Policy, CEPR;CES;MSH, vol. 21(46), pages 207-261, 04.
  7. Gilles Saint-Paul, 2004. "Why are European Countries Diverging in their Unemployment Experience?," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 49-68, Fall.
  8. Lane, Philip R., 2006. "The Real Effects of EMU," CEPR Discussion Papers 5536, C.E.P.R. Discussion Papers.
  9. Alan Ahearne & Jean Pisani-Ferry, 2006. "The Euro: only for the agile," Policy Briefs 42, Bruegel.
  10. Romain Duval & Jørgen Elmeskov, 2005. "The Effects of EMU on Structural Reforms in Labour and Product Markets," OECD Economics Department Working Papers 438, OECD Publishing.
  11. Perotti, Roberto & Alesina, Alberto, 2004. "The European Union: A Politically Incorrect View," Scholarly Articles 4553004, Harvard University Department of Economics.
  12. Mongelli, Francesco Paolo & Vega, Juan Luis, 2006. "What effects is EMU having on the euro area and its member countries? An overview," Working Paper Series 0599, European Central Bank.
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Cited by:
  1. Catherine Mathieu & Henri Sterdyniak, 2010. "European Debt Crisis and Fiscal Exit Strategies," Documents de Travail de l'OFCE 2010-11, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Catherine Mathieu & Henri Sterdyniak, 2008. "European social model(s) and social Europe," Sciences Po publications 2008-10, Sciences Po.

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