Reformation or exodus: assessing the future of the Euro

Title: Reformation or exodus: assessing the future of the Euro
Creator: Watts, Martin; Sharpe, Timothy; Juniper, James
Relation: Economic and Labour Relations Review Vol. 25, Issue 3, p. 465-483
Publisher Link: http://dx.doi.org/10.1177/1035304614544273
Publisher: Sage
Resource Type: journal article
Date: 2014
Description: Eurozone economies were the most adversely affected by the Global Financial Crisis, with forecast macroeconomic outcomes still highly uncertain. This article argues first that the Eurozone policy framework can be viewed as neo-liberalism overlaid with policy constraints associated with a mis-specified Optimum Currency Area. We are critical of this framework since it is incompatible with the policy sovereignty that is experienced, if not utilised, by sovereign economies such as the USA, UK and Australia. Second, recent and proposed policy reforms which generally lie within the constraints of the Eurozone framework are examined. We conclude that these policies are piecemeal and fail to restore policy sovereignty, which ultimately requires that member countries exit the Eurozone. Key issues associated with such an exit are briefly discussed.
Subject: European Monetary Union; fiscal and monetary policy; Global Financial Crisis; sovereignty
Identifier: http://hdl.handle.net/1959.13/1294466
Identifier: uon:18803
Identifier: ISSN:1035-3046
Language: eng
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