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Changes in Eurozone Governance after the Crisis and the Issue of Growth

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  • Daniele Schiliro

Abstract

The Eurozone countries are still seeking a way out of the crisis that has been affecting the European Monetary Union (EMU) since 2010. Sovereign debt crises, difficulties in the banking system and large current account imbalances have characterized the euro crisis, while several countries of the Eurozone have entered a phase of slow and even negative growth. All this has put at risk the sustainability of the EMU, leading to a climate of distrust surrounding the future of the single currency. The crisis of the Eurozone has shown that a sustainable currency union requires more governance because of the higher degree of economic, financial and fiscal spillovers between euro member countries. However, the crisis has led to significant changes in the institutional framework of the EMU and in the economic policies of the Eurozone, highlighting, above all, the role of the ECB. The present contribution analyses these changes in Eurozone governance and discusses whether they are the correct solutions to the crisis; in addition it focuses on the unresolved issue of growth in the peripheral Eurozone countries.

Suggested Citation

  • Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
    • Handle: RePEc:rfa:journl:v:2:y:2014:i:2:p:110-119
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    Cited by:

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    2. Schilirò, Daniele, 2017. "Imbalances and policies in the Eurozone," MPRA Paper 82847, University Library of Munich, Germany.
    3. Magdalena RADULESCU, 2015. "Ecb’S Monetary Measures During The Financial Crisis," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 14(1), pages 87-95.
    4. Schilirò, Daniele, 2018. "Occupazione e mercato del lavoro in Italia. Aspetti congiunturali e strutturali [Employment and the labor market in Italy. Economic and structural aspects]," MPRA Paper 107630, University Library of Munich, Germany.
    5. Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    6. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    7. Rima Sabban, 2020. "“The Debt of Gratitude”: Mobilizing “Motherhood” in Times of Unrest in the United Arab Emirates," Social Science Quarterly, Southwestern Social Science Association, vol. 101(7), pages 2507-2521, December.

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    More about this item

    Keywords

    Eurozone governance; current account imbalances; economic growth; ECB¡¯s monetary policy;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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