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- Title
MONETARY UNION WITHOUT FISCAL UNION? THE EURO CRISIS AND THE MOVE TOWARDS EUROPEAN FISCAL UNION.
- Authors
SPIGARELLI, FRANCESCA; WENZEL, NIKOLAI G.
- Abstract
This paper examines the European Monetary Union (EMU) and the euro crisis through the lens of a robust political economy. Based on the history of monetary unions, monetary union is unlikely to survive without a fiscal union or strong constitutional constraints. The EMU has neither, and its institutional structure makes it unsustainable. Since the euro was (and is) fundamentally a political - rather than economic - project, we argue that policymakers will not allow the EMU to fail. Rather, continued movement towards greater EU-level fiscal, and ultimately a fiscal union, are likely.
- Subjects
MONETARY unions; EUROPEAN Sovereign Debt Crisis, 2009-2018; ECONOMIC &; Monetary Union
- Publication
New Perspectives on Political Economy, 2015, Vol 11, Issue 1/2, p5
- ISSN
1804-6290
- Publication type
Article
- DOI
10.62374/38vs1m37