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A Critical Assessment of the Euro Project in Retrospect

In: Monetary Policy in Interdependent Economies

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  • Ioanna T. Kokores

    (University of Piraeus)

Abstract

This chapter provides a critical assessment of the euro project in retrospect claiming that the distinct long-term effects on Eurozone member countries’ growth and fiscal stability stemming from the recent crises have been accentuated by the inherent weaknesses in the Eurozone financial system, the apparent inadequacy of the policy tools, and the regulatory environment in place, in addition to the overall incomplete Eurozone institutional architecture. In an effort to stabilize the economy, fiscal stimuli were exercised to support the banking sector. These led to a significant accumulation of public debt, which, in addition to the overarching uncertainty of market participants about the resilience of the Eurozone institutional architecture, created huge pressure on both sovereign yields and credit ratings feeding the adverse effects back to the banking sector and the economy overall. Due to the unfortunate timing of the pandemic shock (after the concomitant effects of the preceding crises), the COVID-19 crisis risks to eventually widen economic divergencies in the EU. While the euro may have contributed to some efficiency gains, it seems to have done little to facilitate intra-euro area trade, and the process of greater financial integration proved to be a destabilizing factor rather than a force for sustainable growth.

Suggested Citation

  • Ioanna T. Kokores, 2023. "A Critical Assessment of the Euro Project in Retrospect," Financial and Monetary Policy Studies, in: Monetary Policy in Interdependent Economies, chapter 0, pages 137-156, Springer.
    • Handle: RePEc:spr:fimchp:978-3-031-41958-4_6
    DOI: 10.1007/978-3-031-41958-4_6
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