Monetary integration in crisis: how well do existing theories explain the predicament of EMU?

Waltraud Schelkle
Additional contact information
Waltraud Schelkle: European Institute, London School of Economics and Political Science (LSE)

Transfer: European Review of Labour and Research, 2013, vol. 19, issue 1, 37-48

Abstract: Three theories or rationales can be invoked to explain the formation of the monetary union as well as its policy architecture. One sees its rationale as forming an optimal currency area, another as making macroeconomic policies credibly stability-oriented and a last one as overcoming collective action problems of mutually beneficial policy coordination. Each theory also implies an explanation for why the euro area is in crisis now. The article contains a critical assessment of these theories, with a view to how they have informed crisis management of the euro area but have also failed so far to stabilize the monetary union effectively.

Keywords: Crisis; economic theory; euro; monetary integration; optimal currency area; policy coordination (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

Downloads: (external link)
https://journals.sagepub.com/doi/10.1177/1024258912469345 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:treure:v:19:y:2013:i:1:p:37-48

DOI: 10.1177/1024258912469345

Access Statistics for this article

More articles in Transfer: European Review of Labour and Research
Bibliographic data for series maintained by SAGE Publications ().