Morys Matthias, (2016), “Greece in a monetary union: Lessons from 100 years of exchange rate experience, 1841-1939”, Voxeu, 10 Μαΐου
The first century of modern Greek monetary history has striking parallels to the country’s current crisis, from repeated cycles of entry and exit from the dominant fixed exchange rate system, to government debt built-up and default, to financial supervision by West European countries. This column compares these two episodes in Greece’s monetary history and concludes that lasting monetary union membership can only be achieved if both monetary and fiscal policies are effectively delegated abroad. Understandable public resentment against ‘foreign intrusion’ might need to be weighed against their potential to secure the long-term political and economic objective of exchange rate stabilisation.
Σχετικές Αναρτήσεις
- Potrafke,Niklas, Reischmann, Markus (2016), “How to Handle the Crisis in Greece? Empirical Evidence Based on a Survey of Economics Experts”, CESifo Working Paper No. 5860, Απρίλιος 2016
- El-Arian, Mohamed A., (2016), “Time for Debt Reduction in Greece”, Project Syndicate, 22 Απριλίου