The eurozone experience: monetary integration in the absence of a european government
Nikolaos Baltas, Mario Centorrino, Paul De Grauwe, Alfonso
Alfonso Iozzo, Miroslav N. Jovanovic, Alberto Majocchi, Andrea Marino, Guido Montani, Antonio Mosconi, Ferdinando Ofria, Gaetana Trupiano
pp. 288, 1a edizione 2012 (Codice editore 365.935)
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The purpose of the studies included in the book is to describe the working of the Economic and Monetary Union (EMU) during its first thirteen years of existence, singling out factors lying at the heart of the current eurozone crisis and identifying possible ways out of it.
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Presentazione del volume
The euro area is currently in the midst of a crisis jeopardising the results achieved in more than sixty years of European integration endeavours. Trapped in the sovereign debt crisis, the Eurozone member countries have three basic options: i) the continuation of the ongoing impasse, in which time and again the States are providing guarantees that after a few months markets will end up judging inadequate; ii) the failure of monetary integration in its existing form, by the withdrawal of a divergent country or the breakup of the entire system; iii) and finally the evolution of the euro area in the direction of a banking, fiscal and budgetary union, alongside the corollary of the emergence of some form of European government.
With the caveat that while the first option seems scarcely sufficient to give rise to stable solutions - at any rate in the medium run - the other two would solve root causes of the debt and the eurozone crises: in the first case by the end of the experience of monetary integration, at least in its present connotations, and in the second one by steps towards political union, guarantee par excellence of the monetary union stability. Adding a further specification that all three options involve difficulties and costs that are far from negligible. Against such a backdrop, the purpose of the studies included in the book is to describe the working of the Economic and Monetary Union (EMU) during its first thirteen years of existence, singling out factors lying at the heart of the current eurozone crisis and identifying possible ways out of it. All this, adopting a progressive approach based on the assumption that EMU's fault-lines can be overcome by new developments towards forms of fiscal and budgetary union, implying the setting up of a European government, according to the hopes of the founding fathers of European integration, in particular Jean Monnet and Altiero Spinelli.
Franco Praussello teaches European Integration Economics and Economic Policy at the Universities of Genoa and Parma (Italy) and is a Jean Monnet ad personam chair holder in "EU Economic Studies".
Franco Praussello, Introduction. How Eurozone Member Countries Did Not Succeed in Fixing the Sovereign Debt Crisis
Section one. A holistic view on the eurozone experience
Paul De Grauwe, Fighting the Wrong Enemy
(Addendum: How to Embed the Eurozone in a Political Union)
Miroslav N. Jovanovic, Towards the 20th Anniversary Party of the Eurozone: Will It Be Sumptuous or Meagre?
(Introduction; Background; Deficits and debt; Deficits: conflicting policy advices; Expanding or breaking up the eurozone; The eurozone crisis and its "resolution"; Steps ahead; Conclusions)
Section two. Lessons of emu for monetary integration
Franco Praussello, Asymmetric Shocks Within the Eurozone
(Introduction; Early economic criticism of EMU; The EMU breakup hypothesis; Asymmetric shocks of federal and national origin; Asymmetric shocks of national origin in Germany; Final remarks)
Franco Praussello, Endogeneity of Optimum Currency Area Features for Interpreting the Eurozone Setup
(Introduction; A key theoretical innovation; Where the new paradigm comes from; An old controversy over the endogenous consequences of monetary union; Monetary integration and trade; New developments; Inadequacies and doubts in the case of EMU; Closing remarks)
Andrea Marino, The Slowdown of Exports in the Euro Area: Some Evidence from Statistical Tests of Structural Change
(Introduction; Testing for structural change: results from the test of Zivot and Andrews (1992); Testing for structural change: results from a Generalised Logistic (GL) model; Testing for structural change: results from a CUSUM test; Some tentative explanations of test results; Summary and conclusions)
Franco Praussello, Evaluating the Eurozone Membership for Italy
(Introduction; The EMS: the crawling peg period; The EMS: the convergence game; From the Werner Plan to EMU; Costs and benefits in the short run; Costs and benefits in the longer term; Could Italy abandon the eurozone?; Closing considerations)
Mario Centorrino, Ferdinando Ofria, The First Ten Years Since the Adoption of EMU: an Expost Assessment on the Process of Convergence of Southern and Central-Northern Italy
(Introduction; Ex-ante forecasts on the impact of the single currency in the South; The single currency: a balance sheet for the economy of the South after around a decade; Conclusions)
Section three. Government reactions to the sovereign debt crisis
Nikolaos Baltas, Strengthening the Economic Governance of the Euro Area
(Introduction; A new European economic convergence; Concluding remarks)
Gaetana Trupiano, The New European Governance: the European Semester and the Coordination of Economic and Budgetary Policy
(Introduction; The reasons for the European Semester; The decision to institute a new procedure; How the new governance procedure works; Final remarks)
Antonio Mosconi, Greek Winds and American Blowers
Section four. Towards a european federal government
Alberto Majocchi, Towards a European Federal Fiscal Union
(From the financial to the sovereign debt crisis; The recovery plan and the creation of a Federal Fiscal Union; Concluding remarks)
Alfonso Iozzo, Alberto Majocchi, European Recovery Plan, Union Bonds and Budget Reform
Guido Montani, No to a Phoney Fiscal Union, Yes to a Federal Government
Antonio Mosconi, A World Currency for a World New Deal
(The rise and fall of the Dollar; Dollar standard, fundamental imbalances and the crisis of the American hegemony; Globalisation, de-Dollarisation and creation of Regional Currency Areas; The cooperative solution)
Annex. Commission work programme 2012
European Commission, Delivering European Renewal. Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions
(Introduction; Building a Europe of stability and responsibility; Building a Union of sustainable growth and solidarity; Giving the EU an effective voice in the wider world; Smart regulation and effective implementation; Conclusion).
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