From the European Monetary Union to a euro-bancor: a stock-flow consistent assessment

Jacques Mazier and Sebastián Valdecantos

Nülan. Deposited Documents from Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación

Abstract: The crisis of the euro area has questioned the fairness, sustainability and viability of the current setting of the European Monetary Union (EMU). In this article we use a four-country stock-flow consistent (SFC) model in the tradition of Godley/Lavoie (2007a) to examine to what extent an adaptation to Europe of Keynes's plan of a clearing union with bancor balances could help reduce the imbalances that, at least in part, drove the eurozone into crisis. Our simulation experiments suggest that the implementation of Keynes's ideas may conduct European countries to a stronger and more sustainable growth cycle.

Keywords: Unión Monetaria; Sistema Monetario; Euromercado; Bancor; Clearing Union; Unión Europea (search for similar items in EconPapers)
Date: 2019-04
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Citations: View citations in EconPapers (3)

Published in European Journal of Economics and Economic Policies: Intervention, 16(1), 2019, pp. 8-26

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Persistent link: https://EconPapers.repec.org/RePEc:nmp:nuland:3144

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