Pour l'Euro, l'heure du bilan a sonné. Quinze leçons et six conclusions
Euro : the time of reassessing it has come (Fifteen lessons and six conclusions) The Eurozone is clearly in a time of crisis. However the liquidity crisis it is facing now, for all its urgency, is just the result of a deeper and longer internal competitiveness one. This crisis has been the result of making a monetary union before and without building a federal state. But building a federal state is at best a long and probably painful undertaking, whose success is not guaranteed. As a result the deepening of the crisis has been tremendous in the last months. One solution now seen is the so-called " federalist jump " but this describe actually only making federal rules on expenditures and not sharing the revenue side. It is not to work both for political and economic reason. We survey also the potential issue of an asymmetric German inflation and found it a non-starter. This is letting the Eurozone only with wage-deflation policies, which are reminiscent of deflationary policies implemented in the early 30's with disastrous effect. In this situation the only sensible solution looks to be a coordinated dismantling of the Eurozone.
|Date of creation:||18 Jun 2012|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00710375|
|Contact details of provider:|| Web page: https://hal.archives-ouvertes.fr/|
When requesting a correction, please mention this item's handle: RePEc:hal:wpaper:halshs-00710375. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.