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The Effects of Introducing the Euro on Southern Mediterranean Countries

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  • Kirrane, Chris

Abstract

Since the Barcelona Conference (1995) Europe's Mediterranean policy, without having been called into question, has been a little off track. The creation of the euro will have for the multiple and complex consequences for Greece and southern Mediterranean countries. It is essential for Europe and for Greece to benefit from the introduction of the Euro so they need to review their economic and financial relations in the context of financial liberalisation that both have adopted. It is true that the current flows from the north to south bank Europe (aid, financial movements, FDI) remain, despite the efforts made, insufficient. The euro can help to change financial relations and, as long as everyone wants it, relations of interdependence could be modified. Without calling into question the sovereignty and independence of the macroeconomic policies of Greece, the constitution of a vast Eurozone seems possible and desirable. However, it requires the establishment of a Regional Organisation for Monetary and Financial Cooperation in southern Europe which this paper outlines.

Suggested Citation

  • Kirrane, Chris, 1999. "The Effects of Introducing the Euro on Southern Mediterranean Countries," MPRA Paper 93421, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:93421
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    References listed on IDEAS

    as
    1. Kirrane, Chris, 1990. "Why European monetary union?," MPRA Paper 93417, University Library of Munich, Germany.
    2. Bartolini, Leonardo & Drazen, Allan, 1997. "Capital-Account Liberalization as a Signal," American Economic Review, American Economic Association, vol. 87(1), pages 138-154, March.
    3. Yilmaz Akyüz, 1994. "Libéralisation financière : mythes et réalités," Revue Tiers Monde, Programme National Persée, vol. 35(139), pages 521-555.
    4. Kirrane, Chris, 1994. "Implications of EMU for the European Community," MPRA Paper 88998, University Library of Munich, Germany.
    5. Kirrane, Chris, 1996. "Maastricht and Monetary Cooperation," MPRA Paper 88999, University Library of Munich, Germany.
    6. Sinn, Hans-Werner & Feist, Holger, 1997. "Eurowinners and Eurolosers: The distribution of seigniorage wealth in EMU1," European Journal of Political Economy, Elsevier, vol. 13(4), pages 665-689, December.
    7. Kirrane, Chris, 1998. "Issues Concerning Cypriot Ascension to the European Union," MPRA Paper 93420, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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