Ramon Marimon, Thomas Cooley, (2018), “The EMU after the euro crisis: Insights from a new eBook – Findings and proposals from the Horizon 2020 ADEMU project”, VoxEU, 1 Μαΐου
The euro crisis has been a major stress test for the European Economic and Monetary Union (EMU). Among other things, the crisis turned into a recession for all the euro area ‘stressed countries’ (except for Ireland). In fact, for the EA15 (excluding Portugal, Italy, Greece, and Spain), the recovery has followed a similar pattern to (or slightly better than) the US and Japan (Figure 1). This reminds us of Jean Monnet’s old quip that Europe “will be forged in crises”. Whether it will or not depends crucially on whether we have learned the lessons of the euro crisis and, in particular, whether there is the political will and wisdom to transform these lessons into improved policies and institutions. However, the fact that the crisis experience has been very different across euro area countries suggests that Jean Monnet may be getting different answers this time.
Σχετικές Αναφορές
- Sebastian Diessner , (2017), «The macroeconomic consensus underpinning EMU is shifting.Could it pave the way for a completion of the Eurozone?», EUROPP LSE, 13 Δεκεμβρίου
- , Social Europe, 6 Δεκεμβρίου