IDEAS home Printed from https://ideas.repec.org/a/oup/cjrecs/v6y2013i3p381-400.html
   My bibliography  Save this article

Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis

Author

Listed:
  • Sergio Rossi

Abstract

The merging of national currencies into a single-currency area is an important factor of financialisation in Europe, as it has disposed of monetary barriers within Euroland, thereby allowing free mobility of financial capital in the form of bank deposits across the whole European Monetary Union (EMU). This monetary–structural change has increased economic divergence and financial instability within the euro area, rather than being a factor of stability and convergence. Further, the payment infrastructure within the EMU is defective, as it leaves the payee’s country with a claim on the payer’s country. This is a monetary–structural factor of financial imbalances across Euroland. Copyright 2013, Oxford University Press.

Suggested Citation

  • Sergio Rossi, 2013. "Financialisation and monetary union in Europe: the monetary–structural causes of the euro-area crisis," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 6(3), pages 381-400.
    • Handle: RePEc:oup:cjrecs:v:6:y:2013:i:3:p:381-400
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cjres/rst015
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Steiner, Andreas & Steinkamp, Sven & Westermann, Frank, 2019. "Exit strategies, capital flight and speculative attacks: Europe's version of the trilemma," European Journal of Political Economy, Elsevier, vol. 59(C), pages 83-96.
    2. Mustafa Erdem Sakinç, 2017. "Share Repurchases in Europe A Value Extraction Analysis," CEPN Working Papers hal-03987909, HAL.
    3. Mustafa Erdem Sakinç, 2017. "Share Repurchases in Europe A Value Extraction Analysis," Working Papers hal-03987909, HAL.
    4. Preunkert, Jenny, 2020. "Primary dealer systems in the European Union," MaxPo Discussion Paper Series 20/1, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    5. Martin Sokol & Leonardo Pataccini, 2022. "Financialisation, regional economic development and the coronavirus crisis: a time for spatial monetary policy? [The financialization of home and the mortgage market crisis]," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 15(1), pages 75-92.
    6. Sergio Rossi, 2019. "Rethinking the euro as a common currency for Europe: Keynes's plan revisited," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 27, pages 86-99.
    7. Giuseppe Mastromatteo & Sergio Rossi, 2015. "The economics of deflation in the euro area: a critique of fiscal austerity," Review of Keynesian Economics, Edward Elgar Publishing, vol. 3(3), pages 336-350, July.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cjrecs:v:6:y:2013:i:3:p:381-400. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cjres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.