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The Eurozone: Similitudes and differences with Keynes's Plan

Listed author(s):
  • Marc Lavoie

The eurozone is often considered to be the brainchild of Robert Mundell, who has often bragged about his paternity. In reality, the Eurozone setup, most specifically the TARGET2 settlement system, has several characteristics that look alike the plan for an international currency union that Keynes proposed in the early 1940s. The main objective of the paper is to show the similitudes and the differences between the Eurozone currency union and Keynes' Plan. The paper will also discuss some of the confusions that have arisen from the analysis of the TARGET2 system and the decision of the German constitutional court; and it will deal with the question of whether or not the European financial crisis of the GIIPS countries was akin to a balance-of-payments crisis as argued by some authors and denied by others.

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File URL: http://www.boeckler.de/pdf/p_imk_wp_145_2015.pdf
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Paper provided by IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute in its series IMK Working Paper with number 145-2015.

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Length: 22 pages
Date of creation: 2015
Handle: RePEc:imk:wpaper:145-2015
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  1. Malcolm Sawyer, 1999. "Minsky's Analysis, the European Single Currency, and the Global Financial System," Macroeconomics 9904003, EconWPA.
  2. Hans-Werner Sinn & Timo Wollmershäuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," CESifo Working Paper Series 3500, CESifo Group Munich.
  3. Wynne Godley & Marc Lavoie, 2007. "A simple model of three economies with two currencies: the eurozone and the USA," Cambridge Journal of Economics, Oxford University Press, vol. 31(1), pages 1-23, January.
  4. Alain Parguez, 1999. "The Expected Failure of the European Economic and Monetary Union: A False Money against the Real Economy," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 63-76, Winter.
  5. Howard R. Vane & Chris Mulhearn, 2006. "Interview with Robert A. Mundell," Journal of Economic Perspectives, American Economic Association, vol. 20(4), pages 89-110, Fall.
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