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Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis

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  • Sergio Rossi

Abstract

The merging of national currencies into a single-currency area is an important factor of financialisation in Europe, as it has disposed of monetary barriers within Euroland, thereby allowing free mobility of financial capital in the form of bank deposits across the whole European Monetary Union (EMU). This monetary–structural change has increased economic divergence and financial instability within the euro area, rather than being a factor of stability and convergence. Further, the payment infrastructure within the EMU is defective, as it leaves the payee’s country with a claim on the payer’s country. This is a monetary–structural factor of financial imbalances across Euroland. Copyright 2013, Oxford University Press.

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  • Sergio Rossi, 2013. "Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 6(3), pages 381-400.
    • Handle: RePEc:oup:cjrecs:v:6:y:2013:i:3:p:381-400
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    File URL: http://hdl.handle.net/10.1093/cjres/rst015
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    Cited by:

    1. Mustafa Erdem Sakinç, 2017. "Share Repurchases in Europe A Value Extraction Analysis," CEPN Working Papers hal-03987909, HAL.
    2. Mustafa Erdem Sakinç, 2017. "Share Repurchases in Europe A Value Extraction Analysis," Working Papers hal-03987909, HAL.
    3. Giuseppe Mastromatteo & Sergio Rossi, 2015. "The economics of deflation in the euro area: a critique of fiscal austerity," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(3), pages 336-350, July.
    4. Steiner, Andreas & Steinkamp, Sven & Westermann, Frank, 2019. "Exit strategies, capital flight and speculative attacks: Europe's version of the trilemma," European Journal of Political Economy, Elsevier, vol. 59(C), pages 83-96.
    5. Preunkert, Jenny, 2020. "Primary dealer systems in the European Union," MaxPo Discussion Paper Series 20/1, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    6. Martin Sokol & Leonardo Pataccini, 2022. "Financialisation, regional economic development and the coronavirus crisis: a time for spatial monetary policy? [The financialization of home and the mortgage market crisis]," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 15(1), pages 75-92.
    7. Sergio Rossi, 2019. "Rethinking the euro as a common currency for Europe: Keynes's plan revisited," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 27, pages 86-99.

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