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In the absence of fiscal union, the Eurozone needs a more flexible monetary policy: A comment

Author

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  • Andrea Terzi

    (Franklin University Switzerland and Levy Economics Institute of Bard College)

Abstract

The article is a comment on Alessandrini and Michele Fratianni, 2015, on how can the euro area cope with inter-regional differences in the absence of fiscal union. This comment takes issue with the model that A&F use to support their proposals, raising two main remarks: first, diverging current account balances shaped the eurozone countries’ vulnerability but were not a cause of the euro area 2010-2012 liquidity crisis; and second, A&F’s quantity-theoretic view of monetary policy implementation is inapplicable to a floating currency like the euro, or to the T2 payment system.

Suggested Citation

  • Andrea Terzi, 2016. "In the absence of fiscal union, the Eurozone needs a more flexible monetary policy: A comment," PSL Quarterly Review, Economia civile, vol. 69(278), pages 279-285.
    • Handle: RePEc:psl:pslqrr:2016:34
    DOI: http://dx.doi.org/10.13133/2037-3643_69.278_4
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    Cited by:

    1. A.P. Thirlwall, 2018. "Una vita nell’economia," Moneta e Credito, Economia civile, vol. 71(283), pages 179-210.

    More about this item

    Keywords

    Eurozone; External Imbalances; Adjustment Mechanism;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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