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Redenomination Risk Following a Euro Breakup

In: Breaking Up the Euro

Author

Listed:
  • Dimitris N. Chorafas

Abstract

When in the 1990s the decision was made about a common currency among qualifying member states of the European Union, no particular attention was paid to the need for longer-term fiscal discipline. The Stability and Growth Pact was, from the start, a “nice chaps” document, weighting about 1 percent when compared to the 100 percent of rules necessary for fiscal union and common currency stability requirements. In the 1990s, Euroland’s member states rejected a biting fiscal discipline because they were afraid that it would: Take discretion away from them Precommit them to austerity measures during tough times, and Expose the malfunctions in their fiscal, economic, and financial systems.

Suggested Citation

  • Dimitris N. Chorafas, 2013. "Redenomination Risk Following a Euro Breakup," Palgrave Macmillan Books, in: Breaking Up the Euro, chapter 8, pages 171-194, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33229-5_8
    DOI: 10.1057/9781137332295_8
    as

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