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The Future of the European Monetary Union

Author

Listed:
  • Acocella, Nicola

    (MEMOTEF, Sapienza University, Rome, Italy)

Abstract

Optimistic views prevailed in the EMU after a decade since its establishment. However, it was not realized that the shaky institutional foundations of the Eurozone (EZ) would soon lead to sustained ‘homegrown’ instability. The EMU is now at a crossroads. Several differences divide the various countries and make amendments to its institutions very difficult to implement. Il futuro dell’Unione Monetaria Europea Dopo un decennio dalla costituzione dell’Unione Monetaria Europea prevalevano le visioni ottimistiche sul suo futuro. Queste, però, non tenevano conto delle malferme fondamenta istituzionali dell’Eurozona, che avrebbero presto portato ad una instabilità alimentata dall’interno dell’Unione. L’UME è ora ad un bivio, con molteplici differenze che dividono i vari paesi e rendono molto difficile emendarne il tessuto istituzionale.

Suggested Citation

  • Acocella, Nicola, 2022. "The Future of the European Monetary Union," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 75(2), pages 135-268.
    • Handle: RePEc:ris:ecoint:0917
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    More about this item

    Keywords

    EMU; Exit; Break-up; Many-speed Union; Reforms;
    All these keywords.

    JEL classification:

    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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