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Erschienen in:
Baptism of Fire Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

9. The Euro at Breaking Point

verfasst von : Panicos Demetriades

Erschienen in: A Diary of the Euro Crisis in Cyprus

Verlag: Springer International Publishing

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Abstract

The euro was created as an irrevocable currency union. A country can opt in but can never opt out. This design was intended to prevent speculation, which could force it to unravel—the reason why fixed exchange rate regimes and informal currency unions are unlikely to be long-lasting. It was also intended to promote convergence among member states. However, like much else in Europe, the architecture of the euro left a lot to be desired. While member states have a common monetary policy, fiscal policy is left in the hands of national governments.

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Vorheriges Kapitel A Bank Run and a Tearful Agreement
Nächstes Kapitel Illusions
Fußnoten
1
For an excellent analysis of currency unions see Alesina and Barro (2000). For a critical analysis of the euro see Bootle (2015).
 
2
For a discussion of the origins of the Greek crisis and an econometric analysis of the contribution of low interest rates see Gibson, Halland Tavlas (2011).
 
3
See, for example, the blog post by Imke Henkel on the LSE’s EUROPP (European Politics and Policy blog) ‘German public opinion is caught between scapegoating Greeks and love-bombing them’, which cites the German tabloid Bild as leading the media campaign that created the stereotype of hard-working Germans and lazy Greeks (and other southerners). According to Henkel, who quotes results from public opinion polls, these myths have had a significant impact on German public opinion. See: http://blogs.lse.ac./europpblog/2015/07/21/german-public-opinion-is-caught-between-scapegoating-greeks-and-love-bombing-them/.
 
5
There was, however, a complication in both these cases that would have created additional costs for Germany. If either of the two countries defaulted and left the euro, the Bundesbank stood to lose about 40% of the ELA provision to the respective banking systems of the two countries.
 
7
Anastasiades himself was one of the ‘pioneers’ in attracting Russian business into Cyprus and his family law firm that bears his name became one of the largest on the island (see, for example, Stavrakis 2012).
 
Literatur
Alesina, Alberto and Robert J. Barro. 2000. Currency unions, Working Paper 7927, NBER.
Bootle, Roger. 2015. The Trouble with Europe: Why the EU isn’t working, how it can be reformed, what could take its place. London: John Murray Press and Boston: Nicholas Brealey Publishing.
Gibson, Heather D., Stephen G. Hall and George S. Tavlas. 2011. The Greek financial crisis: Growing imbalances and sovereign spreads. Economics Working Paper no. 11/25, University of Leicester at Leicester.
Stavrakis, Charilaos. 2012. Economy in politics and politics in the economy (in Greek). Nicosia [n.p.].
Metadaten
Titel
The Euro at Breaking Point
verfasst von
Panicos Demetriades
Copyright-Jahr
2017
Buch
A Diary of the Euro Crisis in Cyprus

Print ISBN: 978-3-319-62222-4

Electronic ISBN: 978-3-319-62223-1

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-62223-1_9