From the Euro-Crisis to a New European Economic Architecture

Michael Arghyrou

Chapter 14 in A Financial Crisis Manual, 2015, pp 308-328 from Palgrave Macmillan

Abstract: Abstract The global financial crisis of 2007–2009 and the subsequent, still ongoing, European sovereign debt crisis revealed serious flaws in the institutional design of the Economic and Monetary Union (EMU). The events of the last seven years have clearly shown that the pre-crisis euro-governance framework lacked the crisis-prevention capacities necessary for the euro’s long-term sustainability, as well as the capacity required for effective management of crises.

Keywords: Euro Area; European Central Bank; Sovereign Bond; European Stability Mechanism; Periphery Country (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-44830-9_15

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DOI: 10.1057/9781137448309_15

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