IDEAS home Printed from https://ideas.repec.org/a/ris/ecoint/0861.html
   My bibliography  Save this article

To Exit or not to Exit (from the EMU)?

Author

Listed:
  • Acocella, Nicola

    (Università La Sapienza, Rome - Italy)

Abstract

We discuss the main alternatives open to the Union, from its break-up to exit of some countries and radical changes in its institutional set-up. The pros and the cons of a possible exit are thus assessed with respect to these alternatives. The prospect of political and institutional changes that reinforce the existing structure, in particular with reference to solutions for overcoming its democratic deficit, are finally outlined. Uscire o non uscire (dall’UME)? In questo lavoro discutiamo le principali alternative aperte all’Unione, che vanno dalla sua disintegrazione all’uscita di alcuni paesi e all’introduzione di cambiamenti radicali nelle sue istituzioni. È così possibile valutare gli aspetti favorevoli e quelli contrari all’uscita alla luce di queste alternative. Si delineano infine le prospettive dei mutamenti istituzionali e politici necessari per rafforzare la struttura esistente, in particolare con riferimento alle soluzioni capaci di superare il deficit democratico esistente.

Suggested Citation

  • Acocella, Nicola, 2020. "To Exit or not to Exit (from the EMU)?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(1), pages 1-20.
  • Handle: RePEc:ris:ecoint:0861
    as

    Download full text from publisher

    File URL: http://www.iei1946.it/upload/rivista_articoli/allegati/303_acocella-emuricfinalx.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Vivien A. Schmidt, 2009. "Re-Envisioning the European Union: Identity, Democracy, Economy," Journal of Common Market Studies, Wiley Blackwell, vol. 47, pages 17-42, September.
    2. Waltraud Schelkle, 2006. "The Theory and Practice of Economic Governance in EMU Revisited: What Have we Learnt About Commitment and Credibility?," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 669-685, November.
    3. Cette, Gilbert & Fernald, John & Mojon, Benoît, 2016. "The pre-Great Recession slowdown in productivity," European Economic Review, Elsevier, vol. 88(C), pages 3-20.
    4. Gita Gopinath & Şebnem Kalemli-Özcan & Loukas Karabarbounis & Carolina Villegas-Sanchez, 2017. "Capital Allocation and Productivity in South Europe," The Quarterly Journal of Economics, Oxford University Press, vol. 132(4), pages 1915-1967.
    5. Andreas Follesdal & Simon Hix, 2006. "Why There is a Democratic Deficit in the EU: A Response to Majone and Moravcsik," Journal of Common Market Studies, Wiley Blackwell, vol. 44(3), pages 533-562, September.
    6. Malinen Tuomas & Nyberg Peter & Koskenkylä Heikki & Miettinen Sami & Ala-Peijari Jukka & Törnqvist Stefan & Berghäll Elina & Mellin Ilkka, 2018. "How to Leave the Eurozone: The Case of Finland," The Economists' Voice, De Gruyter, vol. 15(1), pages 1-16, December.
    7. Andreas Follesdal & Simon Hix, 2006. "Why There is a Democratic Deficit in the EU: A Response to Majone and Moravcsik," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 533-562, September.
    8. Bohl, Martin T. & Michaelis, Philip & Siklos, Pierre L., 2016. "Austerity and recovery: Exchange rate regime choice, economic growth, and financial crises," Economic Modelling, Elsevier, vol. 53(C), pages 195-207.
    9. Bagnai, Alberto & Granville, Brigitte & Mongeau Ospina, Christian A., 2017. "Withdrawal of Italy from the euro area: Stochastic simulations of a structural macroeconometric model," Economic Modelling, Elsevier, vol. 64(C), pages 524-538.
    10. Pisani-Ferry, Jean, 2014. "The Euro Crisis and Its Aftermath," OUP Catalogue, Oxford University Press, number 9780199993338.
    11. Waltraud Schelkle, 2006. "The Theory and Practice of Economic Governance in EMU Revisited: What Have we Learnt About Commitment and Credibility?," Journal of Common Market Studies, Wiley Blackwell, vol. 44(4), pages 669-685, November.
    12. Gustav A. Horn & Andrew Watt, 2017. "Wages and Nominal and Real Unit Labour Cost Differentials in EMU," European Economy - Discussion Papers 2015 - 059, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    13. Vivien A. Schmidt, 2013. "Democracy and Legitimacy in the European Union Revisited: Input, Output and ‘Throughput’," Political Studies, Political Studies Association, vol. 61(1), pages 2-22, March.
    14. Alison Johnston & Aidan Regan, 2016. "European Monetary Integration and the Incompatibility of National Varieties of Capitalism," Journal of Common Market Studies, Wiley Blackwell, vol. 54(2), pages 318-336, March.
    Full references (including those not matched with items on IDEAS)

    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. Beetz, Jan Pieter & Rossi, Enzo, 2015. "EU legitimacy in a realist key," Discussion Papers, Center for Global Constitutionalism SP IV 2015-802, WZB Berlin Social Science Center.
    2. Bagnai, Alberto & Granville, Brigitte & Mongeau Ospina, Christian A., 2017. "Withdrawal of Italy from the euro area: Stochastic simulations of a structural macroeconometric model," Economic Modelling, Elsevier, vol. 64(C), pages 524-538.
    3. Hyman, Richard & Gumbrell-McCormick, Rebecca, 2020. "(How) can international trade union organisations be democratic?," LSE Research Online Documents on Economics 105078, London School of Economics and Political Science, LSE Library.
    4. Ganau, Roberto & Rodríguez-Pose, Andrés, 2021. "Institutions and the Productivity Challenge for European Regions," CEPR Discussion Papers 15870, C.E.P.R. Discussion Papers.
    5. Ander Perez-Orive & Andrea Caggese, 2017. "Capital Misallocation and Secular Stagnation," 2017 Meeting Papers 382, Society for Economic Dynamics.
    6. Scharpf, Fritz W., 2014. "No exit from the euro-rescuing trap?," MPIfG Discussion Paper 14/4, Max Planck Institute for the Study of Societies.
    7. Erik Jones, 2009. "Output Legitimacy and the Global Financial Crisis: Perceptions Matter," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1085-1105, November.
    8. Frederik Stevens & Iskander De Bruycker, 2020. "Influence, affluence and media salience: Economic resources and lobbying influence in the European Union," European Union Politics, , vol. 21(4), pages 728-750, December.
    9. Sara Calligaris & Massimo Del Gatto & Fadi Hassan & Gianmarco I P Ottaviano & Fabiano Schivardi & Tommaso MonacelliManaging Editor, 2018. "The productivity puzzle and misallocation: an Italian perspective," Economic Policy, CEPR;CES;MSH, vol. 33(96), pages 635-684.
    10. Mansoor Dailami, 2012. "Looking Beyond the Euro Area Sovereign Debt Crisis," World Bank Other Operational Studies 10050, The World Bank.
    11. Niels Gilbert & Sebastiaan Pool, 2020. "Sectoral allocation and macroeconomic imbalances in EMU," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 156(4), pages 945-984, November.
    12. Henrik Scheller & Annegret Eppler, 2014. "European Disintegration – non-existing Phenomenon or a Blind Spot of European Integration Research? Preliminary Thoughts for a Research Agenda," Working Papers of the Vienna Institute for European integration research (EIF) 2, Institute for European integration research (EIF).
    13. Salomon Fiedler & Isabel Hanisch & Dr. Nils Jannsen Hanisch & Prof. Dr. Maik Wolters, 2017. "Effectiveness of Unconventional Monetary Policy in the Euro Area: An Assessment Based on a Literature Survey," Credit and Capital Markets, Credit and Capital Markets, vol. 50(4), pages 455-488.
    14. Marco Bee & Julien Hambuckers, 2020. "Modeling multivariate operational losses via copula-based distributions with g-and-h marginals," DEM Working Papers 2020/3, Department of Economics and Management.
    15. T. Libert, 2017. "Misallocation Before, During and After the Great Recession," Working papers 658, Banque de France.
    16. Christopher Wratil, 2015. "Democratic Responsiveness in the European Union: the Case of the Council," LEQS – LSE 'Europe in Question' Discussion Paper Series 94, European Institute, LSE.
    17. Ana Fontoura Gouveia & Christian Osterhold, 2018. "Fear the walking dead: zombie firms, spillovers and exit barriers," Working Papers w201811, Banco de Portugal, Economics and Research Department.
    18. Magnette, Paul & Papadopoulos, Yannis, 2008. "On the politicization of the European consociation: A middle way between Hix and Bartolini," European Governance Papers (EUROGOV) 1, CONNEX and EUROGOV networks.
    19. Thomas Grjebine & Jérôme Héricourt & Fabien Tripier, 2019. "Sectoral Reallocations, Real Estate Shocks and Productivity Divergence in Europe: a Tale of Three Countries," EconPol Policy Reports 15, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    20. R. Cezar, 2016. "France’s trade integration measured in value added," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 43, pages 47-58, Autumn.

    More about this item

    Keywords

    Monetary Union; Exit; Institutions; Democratic Governance;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F00 - International Economics - - General - - - General

    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:ris:ecoint:0861. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Angela Procopio). General contact details of provider: https://edirc.repec.org/data/cacogit.html .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.