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.
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Volume (Year): 12 (2011)
Issue (Month): 2 (07)
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- Eichengreen, Barry, 2011.
"Exorbitant Privilege: The Rise and Fall of the Dollar,"
Oxford University Press, number 9780199596713, December.
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- 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.
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- De Grauwe, Paul, 2011. "Governance of a Fragile Eurozone," CEPS Papers 5523, Centre for European Policy Studies.
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