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The Eurozone Crisis: Institutional Setting, Structural Vulnerability, and Policies

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  • Bruno Dallago
  • Chiara Guglielmetti
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    Abstract

    The unfolding of the crisis in the Eurozone can be explained by the interaction of institutional features and policy failures, and by their interconnection with real and financial imbalances. The crisis has shown that internal divergence in the EZ is based on important structural components which are unsustainable in the long run. Indeed, the crisis has magnified the gap between the vulnerable peripheral member countries and a more resilient core. The paper analyses those factors that opened the way to the diffusion of the financial and economic crisis in the Eurozone. It also discusses the structural consequences of these events and critically analyses the institutional and political reforms which the Eurozone is facing in order to enhance its capability to cope with external shocks.

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    File URL: http://openloc.eu/cms/storage/openloc/working_papers/2011/DallagoGuglielmetti2011.pdf
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    Bibliographic Info

    Paper provided by Public policies and local development in its series Openloc Working Papers with number 1112.

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    Date of creation: 2011
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    Handle: RePEc:trn:utwpol:1112

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    Keywords: Eurozone; European Union; European Monetary Union; euro; Common fiscal parameters; Real convergence; Productivity;

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    1. Nouriel Roubini & Paolo Manasse, 2005. ""Rules of Thumb" for Sovereign Debt Crises," IMF Working Papers 05/42, International Monetary Fund.
    2. Veblen, Thorstein, 1899. "The Theory of the Leisure Class," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1899.
    3. Hans-Werner Sinn, 2010. "Rescuing Europe," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 11(SPECIALIS), pages 1-22, 08.
    4. Stacey L. Schreft & Aarti Singh & Ashley Hodgson, 2005. "Jobless recoveries and the wait-and-see hypothesis," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 81-99.
    5. Thorstein Veblen, 1899. "Mr. Cummings's Strictures on "The Theory of the Leisure Class"," Journal of Political Economy, University of Chicago Press, vol. 8, pages 106.
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