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The Effects of Alternative Currencies to National Economies: The European Experience

In: Economy, Finance and Business in Southeastern and Central Europe

Author

Listed:
  • Spyros Roukanas

    (University of Piraeus)

  • Pantelis Sklias

    (University of Peloponnese)

Abstract

The international economic crisis has affected European countries in many ways. Certain countries like Spain and Ireland are facing negative effects to their national economies because of their banking systems and real estate bubbles. On the other hand, Greece, Italy and Portugal are facing the consequences of fiscal imbalances and high debt. Greece in the recent past has confronted the possibility of an exit from the eurozone (Grexit). Under these circumstances the European economies are looking for policies in order to overcome the negative effects of prolonged recession or stagnation to their national economies. The aim of this article is to study the development of alternative currencies for the European Union in two phases. Initially, we study the development of alternative currencies after the adoption of the euro as the official currency of the eurozone and the replacement of national currencies in 2002. The second phase is the manifestation of the world economic crisis, 2007 until 2016. The study of alternative currencies will reveal whether they constitute an alternative option in order to strengthen national economies in the context of the euro area.

Suggested Citation

  • Spyros Roukanas & Pantelis Sklias, 2018. "The Effects of Alternative Currencies to National Economies: The European Experience," Springer Proceedings in Business and Economics, in: Anastasios Karasavvoglou & Srećko Goić & Persefoni Polychronidou & Pavlos Delias (ed.), Economy, Finance and Business in Southeastern and Central Europe, pages 21-33, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-70377-0_2
    DOI: 10.1007/978-3-319-70377-0_2
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