European Imbalances: The Sound and the Fury

Jerome Creel

A chapter in Development in Turbulent Times, 2019, pp 73-88 from Springer

Abstract: Abstract As in the novel by William Faulkner, the perspective which is chosen to tell a story or, here, to explain a broad crisis matters a lot. The European crisis is no exception. Different views can explain the growing imbalances in the Eurozone, from the fiscal view to the labour market view. In this chapter, I critically review these separate explanations and highlight the necessity to gather the pieces to understand the full story. So doing, I can discuss the recent reforms (aggregate fiscal stance, productivity boards), the current agenda of reforms (e.g. Eurozone budget) and alternative proposals to enhance Eurozone governance, integration, and future development.

Keywords: Eurozone governance; Fiscal policy; Balance-of-payment crisis; Macro imbalances; Unit labour costs (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-11361-2_6

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DOI: 10.1007/978-3-030-11361-2_6

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