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Risks to the long-term stability of the euro

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  • Anna Schwartz

Abstract

There are grounds for immediate and long-term concerns with respect to the prospects for the stability of the euro's purchasing power. The immediate concerns arise from the pressures on the ECB to be more accommodative and the drive to weaken the Stability and Growth Pact. The long-term concerns arise from the spending obligations the member governments have assumed to provide pensions and health care to their aging populations for the next half-century, and the imminent enlargement of the EU to include ten states that are less economically and institutionally advanced than the present group of member states. The outlook is for greater spending by governments than their projected resources unless forces not now visible will strengthen the resolve of political leaders to serve the cause of a sound euro. Copyright International Atlantic Economic Society 2004

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  • Anna Schwartz, 2004. "Risks to the long-term stability of the euro," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 32(1), pages 1-10, March.
    • Handle: RePEc:kap:atlecj:v:32:y:2004:i:1:p:1-10
    DOI: 10.1007/BF02298614
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    1. Zeno Rotondi & Giacomo Vaciago, 2003. "The reputation of a newborn central bank," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 56(224), pages 3-22.
    2. Buiter, Willem, 2003. "Two Naked Emperors? Concerns about the Stability and Growth Pact and Second Thoughts About Central Bank Independence," CEPR Discussion Papers 4001, C.E.P.R. Discussion Papers.
    3. Mike Artis, 2002. "The Performance of the European Central Bank," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(1), pages 19-29.
    4. Jonathan Gruber & David Wise, 2001. "An International Perspective on Policies for an Aging Society," NBER Working Papers 8103, National Bureau of Economic Research, Inc.
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    1. repec:cto:journl:v:24:y:2004:i:1-2:p:19-26 is not listed on IDEAS
    2. Anna J. Schwartz, 2004. "Global Order and the Future of the Euro," Cato Journal, Cato Journal, Cato Institute, vol. 24(1-2), pages 19-26, Spring/Su.

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