Policymaking in the Eurozone and the Core Vs. Perifphery Problem
AbstractI argue that the eurozoneÂ’s current problems are primarily structural: A weak central bank; the absence of fiscal coordination; fragmented bank supervision with individual countries having the ultimate responsibility for supporting banks but without the ability to print their own currency. At the same time, European elites of the core have been driven by very short-term objectives whereas the Greek and Irish governments have shown no appetite to represent their own citizens in negotiations. In the absence of any moves towards political integration and to avoid a probable disorderly exit, it is critical to formally establish an opt-out clause for exit from the eurozone and, in the meantime, rapidly prepare procedures for such an exit.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University of California-Irvine, Department of Economics in its series Working Papers with number 101112.
Length: 18 pages
Date of creation: May 2011
Date of revision:
Other versions of this item:
- Stergios Skaperdas, 2011. "Policymaking in the Eurozone and the Core vs Periphery Problem," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 12(2), pages 12-18, 07.
- G01 - Financial Economics - - General - - - Financial Crises
- H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Aaron Brown, 2011. "Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, by Barry Eichengreen," Quantitative Finance, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(6), pages 825-826.
- Eichengreen, Barry, 2012.
"Exorbitant Privilege: The Rise and Fall of the Dollar,"
OUP Catalogue, Oxford University Press,
Oxford University Press, number 9780199642472, October.
- Eichengreen, Barry, 2011. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199596713, October.
- De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers, Centre for European Policy Studies 5523, Centre for European Policy Studies.
- Lester, Simon, 2011. "The Globalization Paradox: Democracy and the Future of the World Economy by Dani Rodrik New York: Norton, 2011," World Trade Review, Cambridge University Press, Cambridge University Press, vol. 10(03), pages 409-417, July.
- Gary Richardson & William Troost, 2009. "Monetary Intervention Mitigated Banking Panics during the Great Depression: Quasi-Experimental Evidence from a Federal Reserve District Border, 1929-1933," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 117(6), pages 1031-1073, December.
- Kevin H. O'Rourke, 2011. "A Tale of Two Trilemmas," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp364, IIIS.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jennifer dos Santos).
If references are entirely missing, you can add them using this form.