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Restoring Stability to Europe

  • Robert Shelburne


    (United Nations Economic Commission for Europe)

The eurozone is in political and economic crisis. This is due to the inadequate design of the institutional structure of the eurozone and to the current poor implementation of macroeconomic policy. In designing the eurozone, well established principles of economics were ignored and major decisions were based primarily upon political considerations. Thus it was only a matter of time before these defects would become apparent. In addressing the current crisis that has developed policy makers have misdiagnosed the causes of the crisis and implemented solutions that are largely counterproductive to solving it. This paper describes the underlying factors that led to the inadequate design and improper macroeconomic response and explains what will be necessary in order to create an institutional structure and macroeconomic policy framework that can restore economic stability and growth to the region.

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Paper provided by UNECE in its series ECE Discussion Papers Series with number 2012_3.

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Length: 32 pages
Date of creation: Jul 2012
Date of revision:
Publication status: Published in UNECE Discussion Paper Series, No. 2012_3
Handle: RePEc:ece:dispap:2012_3
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  1. Robert Shelburne, 2005. "Is Europe Sick?," International Trade and Finance Association Conference Papers 1027, International Trade and Finance Association.
  2. Ugo Panizza & Eduardo Levy Yeyati, 2006. "The Elusive Costs of Sovereign Defaults," IDB Publications (Working Papers) 6713, Inter-American Development Bank.
  3. Israel Malkin & Fernanda Nechio, 2012. "U.S. and euro-area monetary policy by regions," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue feb27.
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