Abstract
We are witnessing a fundamental dualism in the eurozone, many “real euros” in place of a single currency (the euro) that would maintain financial stability and promote growth. This manifests in countries like Greece and Italy (and also Portugal and Spain to some extent) experiencing problems with their public debt forcing them to adopt austerity measures to manage their public deficits and spending.
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Notes
- 1.
Bagus (2010) provides the first coherent theory of the eurozone based on political considerations, see in particular chapter V, especially pp. 56–58.
Reference
Bagus P (2010) Why Germany gave up the DeutschMark, Chap. 5. In: The tragedy of the Euro. Ludwig von Mises Institute, Auburn, Alabama
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Tsionas, E.G. (2014). Introduction. In: The Euro and International Financial Stability. Financial and Monetary Policy Studies, vol 37. Springer, Cham. https://doi.org/10.1007/978-3-319-01171-4_1
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DOI: https://doi.org/10.1007/978-3-319-01171-4_1
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