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Governing a sustainable eurozone

De Grauwe, P; Ji, Y; (2017) Governing a sustainable eurozone. Rivista Internazionale di Scienze Sociali , 2017 (2) pp. 173-194. Green open access

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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.

Type: Article
Title: Governing a sustainable eurozone
Open access status: An open access version is available from UCL Discovery
Publisher version: http://riss.vitaepensiero.it/scheda-articolo_digit...
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > SSEES
URI: https://discovery.ucl.ac.uk/id/eprint/10046526
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