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Governing a sustainable Eurozone

de Grauwe, Paul and Ji, Yuemei (2017) Governing a sustainable Eurozone. Rivista Internazionale di Scienze Sociali. ISSN 0035-676X

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Abstract

The design failures of the Eurozone have been recognized quite late and have led the Eurozone policymakers to apply wrong macro-economic policies since the eruption of the sovereign debt crisis. This has led to a dismal macroeconomic performance of the Eurozone countries as compared to the EU-countries that decided not to be part of the monetary union. We provide empirical evidence that suggests that the biggest shocks in the eurozone were the result of business cycle movements. These were relatively well synchronised, except for their amplitude. We argue that efforts to stabilise the business cycles should be strengthened relative to the efforts that have been made to impose structural reforms, and consider the implications for the governance of the eurozone.

Item Type: Article
Official URL: http://riss.vitaepensiero.it/
Additional Information: © 2017 Vita e Pensiero
Divisions: European Institute
Subjects: H Social Sciences > HC Economic History and Conditions
J Political Science > JZ International relations
Sets: Departments > European Institute
Date Deposited: 17 Jan 2017 17:47
Last Modified: 05 Jul 2018 14:26
URI: http://eprints.lse.ac.uk/id/eprint/68891

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