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The European fiscal reform and the plight of the euro


  • Mundell, Robert


This paper presents the background and development of the global crisis of 2007–2008 and subsequent developments that are current today. It distinguishes four phases of the crisis: sub-prime mortgage crisis, soaring dollar and the Lehman Brothers fiasco, US and global recession, and, finally, European debt crisis. In the above context, the benefits and costs of joining the Eurozone are presented with special emphasis on the Polish perspective. The need for fiscal reforms and concerns regarding Eurozone institutions are addressed.

Suggested Citation

  • Mundell, Robert, 2012. "The European fiscal reform and the plight of the euro," Global Finance Journal, Elsevier, vol. 23(2), pages 65-76.
  • Handle: RePEc:eee:glofin:v:23:y:2012:i:2:p:65-76
    DOI: 10.1016/j.gfj.2011.10.009

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    Cited by:

    1. Václav Klaus, 2018. "Evropská unie a euro: riskantní experimentování s Evropou," Politická ekonomie, Prague University of Economics and Business, vol. 2018(1), pages 136-140.

    More about this item


    Financial crisis; Global economy; Eurozone; Fiscal reforms; Euro;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F02 - International Economics - - General - - - International Economic Order and Integration


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