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The Internal Economic Asymmetry of the Eurozone

In: ONE CURRENCY, TWO EUROPES

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  • Bruno Dallago

Abstract

The Eurozone lost relative economic strength compared to the United States and other countries approximately since the mid-1990s. However, this statement is insufficient to give a correct picture of the Eurozone. The Eurozone is an economic and monetary union, albeit an incomplete one, and not a unified country. In fact, the union lacks a common government capable of transferring resources among its various components. The Eurozone also lacks a true lender of last resort, although a recent interpretation of its mandate under the pressure of worrying economic and financial events transformed the European Central Bank (ECB) into an indirect lender of last resort.

Suggested Citation

  • Bruno Dallago, 2016. "The Internal Economic Asymmetry of the Eurozone," World Scientific Book Chapters, in: ONE CURRENCY, TWO EUROPES, chapter 4, pages 121-159, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814759021_0004
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