Crafts, N. (2014) “What Does the 1930s’ Experience Tell Us about the Future of the Eurozone?“. JCMS: Journal of Common Market Studies, 52: 713–727, Ιούλιος.
If the eurozone follows the precedent of the 1930s, it will not survive. The attractions of escaping from the gold standard then were massive and they point to a strategy of devalue and default for today’s crisis countries. A fully federal Europe with a banking union and a fiscal union is the best solution, but it may be politically infeasible. However, it may be possible to underpin the euro with a ‘Bretton Woods Compromise’ that accepts some retreat from deep economic integration and provides greater policy space since exit entails risks of financial crisis that were not present 80 years ago.
Σχετικές αναρτήσεις:
- Wren-Lewis, S. (2014) “Has the Great Recession killed the traditional Phillips Curve?“, Mainly Macro Blog, 14 Ιουλίου.
- Ball, L. (2014) “The Great Recession’s long-term damage“, VoxEU Organisation, 01 Ιουλίου.
- Muro, D. & Vidal, G. (2014) “Mind the Gaps: The Political Consequences of the Great Recession in Europe“, Eurocrisis in the Press, LSE EUROPP, 10 Ιουνίου.