Economic and Monetary Union – Current Fiscal Disturbances and the Future
At the moment of its setting up the Economic and Monetary Union did not meet the criteria of the optimum currency area. Neither does it today. The crisis of public finance in the eurozone results from the abandonment public finance reforms, lack of consistency in enforcing the decision of the Stability and Growth Pact and, additionally, economic recession and financial crisis. Further functioning of the eurozone will depend on radical reforms of public finance and structural reforms enhancing efficiency of the market as an adjustment mechanism, and competitiveness of economies. The very establishment of the European Stabilization Mechanism and European Financial Stability cannot make up for the above mentioned necessary undertakings. It is important to change the socioeconomic model existing in the EU member countries. Copyright International Atlantic Economic Society 2011
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Volume (Year): 17 (2011)
Issue (Month): 3 (August)
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- Willem H. Buiter, 1995.
"Macroeconomic policy during a transition to monetary union,"
LSE Research Online Documents on Economics
20701, London School of Economics and Political Science, LSE Library.
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- Paul De Grauwe, 2006. "What Have we Learnt about Monetary Integration since the Maastricht Treaty?," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 711-730, November.
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