Marzinotto, Benedicta, (2017), “The Eurozone is Still Vulnerable”, Project Syndicate, 22 Μαρτίου
When the economic calculus reverses, we can expect to experience a sense of déjà vu. Each country’s gain will entail another country’s loss, which will undermine inter-eurozone cooperation and fuel political tensions. The effects will likely reverberate through each country’s domestic politics, strengthening forces that favor disintegration.
To be sure, reforms that were implemented in response to the last crisis have improved the situation at the aggregate level; but they have not resolved the eurozone’s fundamental asymmetry. Underlying fiscal positions still vary from one country to another, despite all the efforts to achieve fiscal convergence through top-down rules.
Σχετικές Αναρτήσεις
- Wickens, Mike, (2016), “Avoiding another Eurozone Crisis while avoiding the Five Presidents’ Report: Part I”, Voxeu, 7 Ιουνίου
- Pisani-Ferry, Jean, (2016), “Preventing the Next Eurozone Crisis Starts Now”, Project Syndicate, 1 Δεκεμβρίου