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The transformational impact of EMU and the global financial crisis. CEPS Policy Brief No. 228/December 2010

Paolo Mongelli, Francesco. (2010) The transformational impact of EMU and the global financial crisis. CEPS Policy Brief No. 228/December 2010. [Policy Paper]

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    Abstract

    This Policy Brief argues that some important considerations are missing in the current heated debate in the eurozone on bail-outs and bail-ins, the size of liquidity facilities and the terms of a crisis resolution mechanism. It is organised in three sections, the first of which surveys the diverse outcomes since the launch of the euro. This illustrates how the benefits the euro can generate depend on the degree of openness, flexibility and income correlation among euro area countries: these are economic concepts which over time are affected by policies. The second section reviews the main failings and fault lines that brought about the current sovereign crisis. The third section postulates that to exit the crisis we need to unravel the factors behind each fault line. The author argues that the achievements of EMU are to some extent interlinked with the crisis and stresses the need to explain what EMU can and cannot do and the rationale for its unique governance.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > External relations > international economy
    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
    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 Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 11 Jan 2011
    Page Range: p. 9
    Last Modified: 15 Feb 2011 18:40
    URI: http://aei.pitt.edu/id/eprint/15459

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