Economia Politica

, Volume 35, Issue 1, pp 251–256 | Cite as

Crisis in the European Monetary Union: A Core-Periphery Perspective

  • Federico Bassi
  • Cédric Durand


“Crisis in the European Monetary Union: A Core-Periphery Perspective” explains what lies behind the decision of a set of politically, economically and socially heterogeneous countries, having in common a loose geographical proximity, to engage in a process of monetary integration, consisting of fully liberalizing goods and capital movements, establishing supranational authorities in charge of ensuring undistorted competition in a supposedly levelled playing field, and abandoning fiscal, monetary and exchange-rate sovereignty. This process of European-wide globalization reshaped the structural core-peripheries trade and industrial relationships. We assist today to the emergence of a polarized Europe, characterized by an industrial and industrialising core, a less industrialized and de-industrializing south periphery and a rapidly catching-up eastern periphery.


Industrial policies European integration European Monetary Union Structural reforms Inequalities Industrial polarization 

JEL Classification

F60 L50 O30 


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Copyright information

© Springer International Publishing AG, part of Springer Nature 2018

Authors and Affiliations

  1. 1.Centre d’Economie de Paris Nord (CEPN), UMR CNRS 7234Université Paris 13, Sorbonne Paris CitéVilletaneuseFrance

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