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Whither the Euro? History and Crisis of Europe's Single-Currency Project

Author

Listed:
  • Robert Guttmann

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

  • Dominique Plihon

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

Abstract

In this contribution we trace that recurrent pattern of financial crisis and institutional reform shaping the European integration project through its key chapters to arrive at the sovereign-debt crisis of the euro-zone which has already seen huge bail-out packages for three countries (Greece, Ireland, Portugal) as well as the introduction of several new crisis-management mechanisms. By taking a historical approach we can identify the structural flaws besetting the single-currency project from its inception and illustrate how they morphed into the different facets of a systemic crisis in the face of an asymmetric shock from the US-centered "subprime" crisis in 2007/08.

Suggested Citation

  • Robert Guttmann & Dominique Plihon, 2013. "Whither the Euro? History and Crisis of Europe's Single-Currency Project," Post-Print hal-01345534, HAL.
    • Handle: RePEc:hal:journl:hal-01345534
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    Cited by:

    1. Robert Pollin & James Heintz, 2013. "Study of U.S. Financial System," FESSUD studies fstudy10, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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