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The Euro: A Common Currency or a Currency Board?


  • Costas, Antón


In this article we ask why in the process of the formation of the common currency the necessary mechanisms were not incorporated in order to resolve crisis like this. Our hypothesis is that, contrary to what is often said, the euro has followed a model approaching that of the reforced “Currency Board” more than a common currency in the strict sense of the word. Secondly we ask if the current eurozone could go beyond the currency board logic to transform in the common currency logic. In this sense we pose the question to what extend the current sovereign debt crisis will end up being a integration crisis or on the contrary a disintegration crisis of the euro. We try to identify the determining factors that can make cause one effect or another. The conclusion is that a path towards a European common currency will be a hard and uncertain one. We sustain that the advance towards a economic government of the euro needs a new momentum. It won’t come from the present austerity plans. We think the reconstruction of the European project needs a new solidarity pact between all European countries. The integration of the youths must be the common objective to drive us a new momentum for the European political project.

Suggested Citation

  • Costas, Antón, 2012. "The Euro: A Common Currency or a Currency Board?," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 21(ex).
  • Handle: RePEc:sdo:regaec:v:21:y:2012:i:ex_1

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    References listed on IDEAS

    1. Verónica Amarante & Ivone Perazzo, 2009. "Crecimiento económico y pobreza en Uruguay, 1991-2006," REVISTA CUADERNOS DE ECONOMÍA, UN - RCE - CID, December.
    2. Cornia, Giovanni Andrea, 2012. "Inequality Trends and their Determinants: Latin America over 1990-2010," WIDER Working Paper Series 009, World Institute for Development Economic Research (UNU-WIDER).
    3. Verónica Amarante & Andrés Dean & Rodrigo Arím, 2013. "Unemployment Insurance Design and Its Effects: Evidence for Uruguay," REVISTA DESARROLLO Y SOCIEDAD, UNIVERSIDAD DE LOS ANDES-CEDE, June.
    4. Bruno Martorano, 2014. "The Impact of Uruguay's 2007 Tax Reform on Equity and Efficiency," Development Policy Review, Overseas Development Institute, vol. 32(6), pages 701-714, November.
    5. Arim, Rodrigo & Cruces, Guillermo Antonio & Vigorito, Andrea, 2009. "Programas sociales y transferencias de ingresos en Uruguay: los beneficios no contributivos y las alternativas para su extensión," Políticas Sociales 146, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    6. Amarante, Veronica & Vigorito, Andrea, 2011. "Uruguayâ..s Income Inequality and Political Regimes during 1981â..2010," WIDER Working Paper Series 094, World Institute for Development Economic Research (UNU-WIDER).
    7. Bucheli, Marisa & Furtado, Magdalena, 2005. "Uruguay 1998-2002: la distribución del ingreso en la crisis," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    8. repec:unu:wpaper:wp2012-09 is not listed on IDEAS
    9. David De Ferranti & Guillermo E. Perry & Francisco H.G. Ferreira & Michael Walton, 2004. "Inequality in Latin America : Breaking with History?," World Bank Publications, The World Bank, number 15009.
    10. Jorge Notaro, 2005. "Employment and unemployment in Uruguay 1984-2005," Documentos de Trabajo (working papers) 05-02, Instituto de Economía - IECON.
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