The Internal Economic Asymmetry of the Eurozone

Bruno Dallago

Chapter 4 in One Currency, Two Europes:Towards a Dual Eurozone, 2016, pp 121-159 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The Eurozone lost relative economic strength compared to the United States and other countries approximately since the mid-1990s. However, this statement is insufficient to give a correct picture of the Eurozone. The Eurozone is an economic and monetary union, albeit an incomplete one, and not a unified country. In fact, the union lacks a common government capable of transferring resources among its various components. The Eurozone also lacks a true lender of last resort, although a recent interpretation of its mandate under the pressure of worrying economic and financial events transformed the European Central Bank (ECB) into an indirect lender of last resort.

Keywords: Crisis (International; European); Financial Crisis; Euro; European Policies; European Union; Eurozone; Institutions; Optimum Currency Area (search for similar items in EconPapers)
Date: 2016
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