The crisis of the EMU

Peter Schmid

MPRA Paper from University Library of Munich, Germany

Abstract: The Euro Zone (EZ)’s economies are under great stress since last decade’s financial crisis. Diverging interest rates, high debt burdens and sluggish growth in several member countries led to various rescue activities. Nevertheless, financial markets have still not calmed and the break-up of the EZ is discussed openly. Contrary to the popular belief I show that the Euro itself has been a success story so far but the EZ suffers under a debt crisis and huge economic imbalances. An overhaul of the EZ’s institutional framework, however, is necessary.

Keywords: financial crisis; Euro crisis; current account imbalances; monetary union (search for similar items in EconPapers)
JEL-codes: E42 F34 (search for similar items in EconPapers)
Date: 2012-07-31
New Economics Papers: this item is included in nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:40390

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