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Out of the Euro trap

In: Governing the EU in an Age of Division

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Abstract

This chapter outlines polycentric solutions to challenges posed by the existence of a common European currency. The Euro is often invoked as a rationale for a fiscal and transfer union, which nonetheless remains a political impossibility. Instead, the EU must proceed with the integration of its banking and financial markets, alongside with consistent rules eliminating banks' home bias and bank resolutions, would make the recurrence of systemic threats to financial stability of the Eurozone far less likely. An extension of the logic of the single market and its principle of non-discrimination would reduce the need for costly and politically contentious fiscal transfers in the future, as well as the need to micromanage public finances of individual member states.

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  • ., 2022. "Out of the Euro trap," Chapters, in: Governing the EU in an Age of Division, chapter 5, pages 82-95, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21345_5
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