Policymaking in the Eurozone and the Core vs Periphery Problem
I argue that the eurozoneís 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.
(This abstract was borrowed from another version of this item.)
Volume (Year): 12 (2011)
Issue (Month): 2 (07)
|Contact details of provider:|| Postal: Poschingerstr. 5, 81679 München|
Web page: http://www.cesifo-group.de
More information through EDIRC
References listed on IDEAS
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.:
- Kevin H. O'Rourke, 2011. "A Tale of Two Trilemmas," The Institute for International Integration Studies Discussion Paper Series iiisdp364, IIIS.
- Eichengreen, Barry, 2011.
"Exorbitant Privilege: The Rise and Fall of the Dollar,"
Oxford University Press, number 9780199596713.
- Eichengreen, Barry, 2012. "Exorbitant Privilege: The Rise and Fall of the Dollar," OUP Catalogue, Oxford University Press, number 9780199642472.
- 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, vol. 117(6), pages 1031-1073, December.
- De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers 5523, Centre for European Policy Studies.
- 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, vol. 11(6), pages 825-826.
- 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, vol. 10(03), pages 409-417, July.
When requesting a correction, please mention this item's handle: RePEc:ces:ifofor:v:12:y:2011:i:2:p:12-18. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Klaus Wohlrabe)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.