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Progetto euro: cosa è andato storto? La riforma necessaria dell’Eurozona

PierGiorgio Gawronski ()
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PierGiorgio Gawronski: Scuola Nazionale dell’Amministrazione, Roma

Rivista di Politica Economica, 2014, issue 1, 95-182

Abstract: The article offers an overview of the literature on the many institutional weaknesses of the Eurozone exposed in the 2009-2013 period. Comparing failures with expected outcomes clarifies where the original project has gone wrong. Three main conclusions are offered. a) The Eurozone is even less a viable currency area than it was believed; the theory of Optimal Currency Areas underestimates the costs and overestimates the benefits of the euro; (b) Asymmetric shocks are stronger than expected; (c) Institutions are biased, ill-suited for managing even symmetric negative demand shocks. A comprehensive institutional reform would be the most appropriate response.

Keywords: ECB; Eurozone (search for similar items in EconPapers)
JEL-codes: E58 E61 F33 H60 (search for similar items in EconPapers)
Date: 2014
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Handle: RePEc:rpo:ripoec:y:2014:i:1:p:95-182