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The Deepening of the Economic and Monetary Union

Author

Listed:
  • Cláudia Braz
  • João Amador
  • João Valle e Azevedo

Abstract

This article seeks to guide the reader through the developments in the process of EMU deepening, clarifying the economic arguments and identifying the choices made by the decision makers, which led to the current institutional design. In addition, a critical analysis of the different proposals under discussion is made, aiming at identifying the most efficient way, in a long-term perspective, to ensure the proper functioning of the monetary union.

Suggested Citation

  • Cláudia Braz & João Amador & João Valle e Azevedo, 2019. "The Deepening of the Economic and Monetary Union," Working Papers o201901, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:o201901
    as

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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/op201901.pdf
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    References listed on IDEAS

    as
    1. Calvo, Guillermo A, 1988. "Servicing the Public Debt: The Role of Expectations," American Economic Review, American Economic Association, vol. 78(4), pages 647-661, September.
    2. Aguiar, Mark & Gopinath, Gita, 2006. "Defaultable debt, interest rates and the current account," Journal of International Economics, Elsevier, vol. 69(1), pages 64-83, June.
    3. Guido Lorenzoni & Iván Werning, 2019. "Slow Moving Debt Crises," American Economic Review, American Economic Association, vol. 109(9), pages 3229-3263, September.
    4. Ayres, João & Navarro, Gaston & Nicolini, Juan Pablo & Teles, Pedro, 2018. "Sovereign default: The role of expectations," Journal of Economic Theory, Elsevier, vol. 175(C), pages 803-812.
    5. Nicolas Carnot & Magdalena Kizior & Gilles Mourre, 2017. "Fiscal stabilisation in the Euro-Area: A simulation exercise," Working Papers CEB 17-025, ULB -- Universite Libre de Bruxelles.
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    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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