In search of sustainable paths for the euro zone in the trouble post-2008 world

Jacques Mazier and Pascal Petit ()
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Jacques Mazier: CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique

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Abstract: The diversity in the eurozone has costs and advantages, respectively, for countries whether they are confronted with an overvalued or undervalued euro. Rough estimations of these costs and benefits help to assess the adjustments that could lead to a sustainable eurozone. A purely financial type of federalism, set up under the pressure of financial markets, risks falling short of the objective. A budgetary federalism, if it is based on long-term investment programmes with an enlarged political support, is more likely to meet the objective. A scheme of multispeed Europe could constitute a fallback solution if the political support for a budgetary federalism is not attained.

Keywords: current account imbalances; euro multiples; crisis (search for similar items in EconPapers)
Date: 2013
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Published in Cambridge Journal of Economics, 2013, 37 (3)

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Journal Article: In search of sustainable paths for the eurozone in the troubled post-2008 world (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01367465

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