Financial Subordination and Public Debt in the Eurozone Periphery

Cinthia de Souza ()

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: This paper examines the financial mechanisms that reflect and entrench the financial subordination of the Eurozone periphery within the monetary union. It argues that the exacerbation of financial asymmetries during the debt crisis and their relative softening during the pandemic are closely linked to the evolving Eurozone approach to government securities. It proposes a new framework centred on what is here termed the "Eurozone's contradiction", a concept that encapsulates the potential tension between the uneven discipline of finance and the monetary union`s perpetuation. When this tension becomes unsustainable, institutional changes and shifts in economic policy are required to preserve the common currency area. These developments, in turn, influence regional government debt hierarchies and shape the variegated financial subordination of the Eurozone periphery

Keywords: Financial Subordination; Periphery; Eurozone; Public Debt. (search for similar items in EconPapers)
JEL-codes: E44 F33 H63 (search for similar items in EconPapers)
Date: 2024-10
New Economics Papers: this item is included in nep-ban, nep-eec and nep-hme
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:916

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