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The future of the Eurozone

de Grauwe, Paul and Ji, Yuemei (2014) The future of the Eurozone. Manchester School, 82 (Sup.S1). pp. 15-34. ISSN 1463-6786

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Identification Number: 10.1111/manc.12077


We argue first that the Eurozone crisis has left a legacy of unsustainable government debt levels. These will continue to exert a deflationary dynamics in the Eurozone except if creditor nations are willing to contemplate a debt restructuring. Second, we argue that the institutional innovations since the start of the debt crisis fall short of what is needed to solve the design failures of the Eurozone. In addition, they are not sustainable, mainly because they have led to a situation where bureaucratic institutions have been vested with more responsibilities without a concomitant increase in the democratic legitimacy of these institutions. We conclude that the Euro crisis is not over.

Item Type: Article
Official URL:
Additional Information: © 2014 The University of Manchester and John Wiley & Sons Ltd
Divisions: European Institute
Subjects: H Social Sciences > HC Economic History and Conditions
J Political Science > JN Political institutions (Europe)
J Political Science > JZ International relations
Date Deposited: 08 Sep 2014 14:38
Last Modified: 20 Oct 2021 03:19

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