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La crisis del euro en perspectiva


  • Francesco Bogliacino
  • Dario Guarascio


En este artículo, analizamos el proceso de integración monetaria europea, mostrando las determinantes estructurales y los elementos disfuncionales en las instituciones. En segunda instancia, mostramos como hay dos lecturas prevalentes que fallan al interpretar los acontecimientos. Por un lado, hay una interpretación ideológica que ve en el proceso de integración un proceso de convergencia con el cual no hay que interferir. Por otra parte, aparece una visión idealista según la cual el objetivo de integración prevalece sobre cualquier contradicción engendrada a nivel institucional. La combinación de estas dos visiones sirvió para justificar las intervenciones postcrisis (las políticas de austeridad) y la construcción institucional que siguió tras estas agravando la inestabilidad. ****** In this article, we analyze the process of monetary integration in Europe, identifying the structural determinants and the dysfunctional elements in the main institutions. Secondly, we show how the prevailing discourses fail in interpreting the events. These discourses are mainly two: on the one hand, a purely ideological position that see integration as a process of convergence that should not be interfered with; on the other hand, a purely idealist perspective, according to which the ideal of integration will prevail over whatever contradiction is generated by the institutional system. The combination between these two perspectives helped to justify the post crisis intervention (fiscal consolidation) and the institutional design that followed, aggravating the instability.

Suggested Citation

  • Francesco Bogliacino & Dario Guarascio, 2016. "La crisis del euro en perspectiva," Documentos de Trabajo, Escuela de Economía 15039, Universidad Nacional de Colombia, FCE, CID.
  • Handle: RePEc:col:000178:015039

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    área monetaria óptima; balanza de pago; crisis financiera; austeridad; integración europea;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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