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The Great Recession and the Future of the EU

In: The Liberal Heart of Europe

Author

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  • Edmond Alphandéry

    (Euro 50 Group, Former Minister of the Economy)

Abstract

While the euro acted as a catalyst for convergence between member states during the first decade of the European currency, the eurozone cannot be considered an optimum currency area. The burst of the great financial crisis revealed its built-in weaknesses. The ongoing course of events displayed the asymmetry of the shock’s impacts between countries, not only in their economic and social dimensions but also in terms of confidence which played a key role as appeared on the financial markets. Despite the rise of Euroskeptic sentiment in the aftermath of the euro crisis, all countries remained on board, and as Jean Monnet famously predicted, the euro crisis led to a new step in the Economic and Monetary Union which, instead of being weakened, ended up less fragile.

Suggested Citation

  • Edmond Alphandéry, 2021. "The Great Recession and the Future of the EU," Springer Books, in: Francesco Giavazzi & Francesco Lefebvre D'Ovidio & Alberto Mingardi (ed.), The Liberal Heart of Europe, chapter 0, pages 163-174, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-60368-7_14
    DOI: 10.1007/978-3-030-60368-7_14
    as

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