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Provides the analytical frame to understand the economic rationale underlying both the optimum currency areas approach and the rules-based EU fiscal policies
Includes a special chapter on the need to enhance labour market flexicurity to absorb asymmetric macroeconomic shocks, and describes the current situation and prospects of peripheral countries such as Spain
Provides a balanced European approach on the euro crisis and proposes new innovative solutions to solve it
A regulatory idea conducted this work: the need to connect the economic rationale of the theory of currency areas with the current EU institutional frame of the European monetary unification process. The latter includes the recent revamping of fiscal rules of the Stability and Growth Pact, and calls for enhancing ‘flexicurity’ in EU labour markets. The lack of EU political leadership is a dead-weight loss to build a genuine economic and monetary union, and risks to blow-up the whole project. Further, it undermines the internal macroeconomic logic of a single currency like the euro, and gives a prominent non-democratic role to financial markets. As it happened in the past with the gold-standard, the euro condemns today the peripheral countries to a deflationary process which might last for a decade. A more pro-European approach is needed with both sides of the system (core and periphery) making the required adjustment efforts, though in the opposite way, to save the eurozone and Europe.
Content Level »Graduate
Keywords »Assymetric Shocks - Currency Areas - Euro Crisis - Labour Market Flexibility - Monetary Integration