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A Tale of Two Trilemmas

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  • Kevin H. O'Rourke

    (Institute for International Integration Studies, Trinity College Dublin)

Abstract

EMU is a radical solution to the classic Mundell-Fleming macroeconomic policy txilemma. Unfortunately, it suffers from serious design flaws, and in particular from a lack of fiscal or banking union. This can be understood in terms ofRodrik’s ‘fundamental political txilemma of the world economy’, which can also shed light on such issues as the quality of EU democracy. Hitherto, European governments have been able to navigate ‘within the triangles’ implied by this trilemma, but the current crisis is pushing them towards the edges, forcing them to make hard choices between democracy, the nation-state and deep economic integration. It is not clear what they will eventually decide.
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Suggested Citation

  • Kevin H. O'Rourke, 2011. "A Tale of Two Trilemmas," The Institute for International Integration Studies Discussion Paper Series iiisdp364, IIIS.
    • Handle: RePEc:iis:dispap:iiisdp364
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    References listed on IDEAS

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    1. Anna Maria Mayda, 2006. "Who Is Against Immigration? A Cross-Country Investigation of Individual Attitudes toward Immigrants," The Review of Economics and Statistics, MIT Press, vol. 88(3), pages 510-530, August.
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    Cited by:

    1. Sebastian Dellepiane & Niamh Hardiman, 2012. "The New Politics of Austerity: Fiscal Responses to the Economic Crisis in Ireland and Spain," Working Papers 201207, Geary Institute, University College Dublin.
    2. Stergios Skaperdas, 2011. "Policymaking in the Eurozone and the Core vs Periphery Problem," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(02), pages 12-18, July.
    3. Stergios Skaperdas, 2011. "Seven Myths about the Greek Debt Crisis," Working Papers 111202, University of California-Irvine, Department of Economics.
    4. Sebastian Dellepiane & Niamh Hardiman, 2012. "Fiscal Politics In Time: Pathways to Fiscal Consolidation, 1980-2012," Working Papers 201228, Geary Institute, University College Dublin.
    5. Stergios Skaperdas, 2011. "Policymaking in the Eurozone and the Core vs Periphery Problem," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(2), pages 12-18, July.

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