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From the European Monetary Union to a euro-bancor: a stock-flow consistent assessment

Author

Listed:
  • Mazier, Jacques
  • Valdecantos, Sebastián

Abstract

The crisis of the euro area has questioned the fairness, sustainability and viability of the current setting of the European Monetary Union (EMU). In this article we use a four-country stock-flow consistent (SFC) model in the tradition of Godley/Lavoie (2007a) to examine to what extent an adaptation to Europe of Keynes's plan of a clearing union with bancor balances could help reduce the imbalances that, at least in part, drove the eurozone into crisis. Our simulation experiments suggest that the implementation of Keynes's ideas may conduct European countries to a stronger and more sustainable growth cycle.

Suggested Citation

  • Mazier, Jacques & Valdecantos, Sebastián, 2019. "From the European Monetary Union to a euro-bancor: a stock-flow consistent assessment," Nülan. Deposited Documents 3144, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    • Handle: RePEc:nmp:nuland:3144
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    Cited by:

    1. Gräbner-Radkowitsch, Claudius & Heimberger, Philipp & Kapeller, Jakob & Landesmann, Michael & Schütz, Bernhard, 2022. "The evolution of debtor-creditor relationships within a monetary union: Trade imbalances, excess reserves and economic policy," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 262-289.
    2. Francesco Zezza & Gennaro Zezza, 2023. "A prototype regional stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 74(2), pages 266-287, May.

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