The Eurozone in Crisis: Diagnostic, Prospect, Reforms

Authors

  • Jean-François Ponsot Universidad Grenoble Alpes, Centro de Investigaciones Económicas de Grenoble CREG

Keywords:

eurozone, euro, intra-european macroeconomic imbalances, fiscal federalism

Abstract

The main argument of this article is that the foundations of the crisis in the Eurozone are much more complex than those expressed by the media and by economic analysts. The euro crisis is primarily the result of an incoherent and incomplete monetary and financial architecture. The euro as a single currency was set up with structural and institutional deficiencies that have not been corrected since its implementation: the euro is an incomplete currency. There are two radical options to save the European project: first, to transform the euro into a complete currency through fiscal federalism coupled with an industrial policy, a banking union and the implementation of transfer mechanisms; and second, to abandon the euro, in the event these reforms prove impossible.

Downloads

Download data is not yet available.

Author Biography

Jean-François Ponsot, Universidad Grenoble Alpes, Centro de Investigaciones Económicas de Grenoble CREG

Doctor en Economía, Universidad de Borgoña. Profesor de Economía, Universidad Pierre-Mendès-France, Grenoble, Francia. Investigador del Centro de Investigaciones Económicas de Grenoble (CREG)-Universidad Grenoble Alpes, Francia.

Downloads

Published

2014-10-29

How to Cite

Ponsot, J.-F. (2014). The Eurozone in Crisis: Diagnostic, Prospect, Reforms. Comentario Internacional. Journal of the Andean Center of International Studies, (14), 17–29. Retrieved from https://revistas.uasb.edu.ec/index.php/comentario/article/view/39

Issue

No. 14 (2014): China, ¿Qué relaciones con América Latina?

Section

Relevance

License

Authors who publish in this journal accept the following conditions:

1. The authors keep the copyright and assign to the journal Comentario Internacional the right of the first publication, with the work registered with the attribution license of Creative Commons, which allows third parties to use what is published whenever they mention the authorship of the work and the first publication in this journal.

2. Authors can make other independent and additional contractual arrangements for the non-exclusive distribution of the article published in this journal (eg, include it in an institutional repository or publish it in a book) provided they clearly indicate that the work was published for the first time in Comentario Internacional.