Failing Institutions Are at the Core of the Euro Crisis
The European Union was created to promote economic, cultural, and regional prosperity. However, the Global Financial Crisis demonstrates that its economic institutions are flawed. While each sovereign state in the Eurozone forfeits the control of its money supply, the lack of a common fiscal institution allows individual countries to pursue their own political and financial agendas. The on-going economic hardship emphasizes the critical role of economic and political institution ions. This paper analyzes both beneficial and perverse incentives of joining the European Union, discusses the consequences of deficient economic institutions and provides potential solutions towards the alleviation of the crisis.
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- Dellas, Harris & Tavlas, George S., 2009.
"An optimum-currency-area odyssey,"
Journal of International Money and Finance,
Elsevier, vol. 28(7), pages 1117-1137, November.
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- Dellas, Harris & Tavlas, George, 2010. "An Optimum Currency Area Odyssey," CEPR Discussion Papers 7645, C.E.P.R. Discussion Papers.
- Mongelli, Francesco Paolo & De Grauwe, Paul, 2005. "Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?," Working Paper Series 468, European Central Bank.
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