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Crisis in the European Monetary Union: A Core-Periphery Perspective

Federico Bassi () and Cédric Durand ()

Economia Politica: Journal of Analytical and Institutional Economics, 2018, vol. 35, issue 1, No 12, 256 pages

Abstract: Abstract “Crisis in the European Monetary Union: A Core-Periphery Perspective” explains what lies behind the decision of a set of politically, economically and socially heterogeneous countries, having in common a loose geographical proximity, to engage in a process of monetary integration, consisting of fully liberalizing goods and capital movements, establishing supranational authorities in charge of ensuring undistorted competition in a supposedly levelled playing field, and abandoning fiscal, monetary and exchange-rate sovereignty. This process of European-wide globalization reshaped the structural core-peripheries trade and industrial relationships. We assist today to the emergence of a polarized Europe, characterized by an industrial and industrialising core, a less industrialized and de-industrializing south periphery and a rapidly catching-up eastern periphery.

Keywords: Industrial policies; European integration; European Monetary Union; Structural reforms; Inequalities; Industrial polarization (search for similar items in EconPapers)
JEL-codes: F60 L50 O30 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/s40888-018-0094-6

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