The Eurozone as a Quasi-Optimum Currency Area

Bruno Dallago

Chapter 6 in One Currency, Two Europes:Towards a Dual Eurozone, 2016, pp 193-235 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The previous chapters assessed the external economic context of the Eurozone and its internal consistency in the years before the crisis. The overall conclusion was that the Eurozone economic performance and competitiveness were decreasing. Moreover, the process of catching-up to the United States had slowed down, lost momentum and gone in reverse. Yet the situation was far from being hopeless. Some of the main reasons for the diminished relative performance of the Eurozone (such as the decreased number of hours worked compared to other countries and the ageing of the population) were traded off for better welfare and quality of life. Consequently, they should be ascribed to the preferences of Europeans compared to those of other countries.

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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