IDEAS home Printed from https://ideas.repec.org/a/mes/postke/v38y2015i3p355-375.html
   My bibliography  Save this article

Sovereignty, the exchange rate, collective deceit, and the euro crisis

Author

Listed:
  • Luiz Carlos Bresser-Pereira
  • Pedro Rossi

Abstract

This paper presents an interpretation of the European crisis based on balance-of-payments imbalances within the Eurozone, highlighting the role of the “internal” real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the euro into a “foreign currency” for each individual Eurozone country. These contradictions imply the inability of national central banks to monetize the public and private debts, which makes the euro crisis a sovereign crisis similar to those typical of emerging countries, but whose solution presents additional obstacles.

Suggested Citation

  • Luiz Carlos Bresser-Pereira & Pedro Rossi, 2015. "Sovereignty, the exchange rate, collective deceit, and the euro crisis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 38(3), pages 355-375, October.
    • Handle: RePEc:mes:postke:v:38:y:2015:i:3:p:355-375
    DOI: 10.1080/01603477.2015.1087807
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/01603477.2015.1087807
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/01603477.2015.1087807?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Michel Aglietta, 2012. "Zone Euro. Eclatement ou Fédération," Post-Print hal-01411445, HAL.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. João Alcobia & Ricardo Cabral, 2023. "The Dutch disease of the Euro Area peripheral member states," Working Papers REM 2023/0257, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. João Alcobia, 2023. "The Promised Land Or A Mirage? The Puzzling Divergence Of The European Union'S Periphery," Working Papers REM 2023/0273, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Denise Currie & Paul Teague, 2017. "The eurozone crisis, German hegemony and labour market reform in the GIPS countries," Industrial Relations Journal, Wiley Blackwell, vol. 48(2), pages 154-173, March.
    2. Alfredo Calcagno, 2012. "Can austerity work?," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(0), pages 24-36.
    3. João Alcobia & Ricardo Cabral, 2023. "The Dutch disease of the Euro Area peripheral member states," Working Papers REM 2023/0257, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    4. Alexandre Grit, 2022. "Gallicagram : un outil pour comprendre les enjeux d'opinion à propos de la soutenabilité budgétaire ?," Post-Print hal-03845936, HAL.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:38:y:2015:i:3:p:355-375. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MPKE20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.