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A Greek endgame? CEPS Commentaries, 9 March 2010

De Grauwe, Paul. (2010) A Greek endgame? CEPS Commentaries, 9 March 2010. [Policy Paper]

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    Abstract

    Senior Associate Research Fellow Paul De Grauwe argues in this CEPS Commentary that the Greek debt crisis has exposed a structural problem of the eurozone as a whole created by the fact that the monetary union is not embedded in a political union. This imbalance leads to a dynamics of creeping divergencies between member states and there is no mechanism to correct or alleviate it. These divergencies in turn are at the core of budgetary divergencies and crises. In the absence of closer political union, he calls for modest steps that would signal a determination on the part of the eurozone members to commit themselves to a future intensification of the process of political union.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > political affairs > political union & integration/European Political Union
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Countries > Greece
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 11 Aug 2010
    Page Range: p. 2
    Last Modified: 15 Feb 2011 18:34
    URI: http://aei.pitt.edu/id/eprint/14515

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