scholarly journals disintegration challenge of reforming the Eurozone

2021 ◽  
Vol 5 (S4) ◽  
Author(s):  
Anatoly Revenko ◽  
Sergii Rybak ◽  
Nataliia Karasova
Keyword(s):  
Economic Integration ◽  
Monetary Union ◽  
European Monetary Union ◽  
Integrated Approach ◽  
Scientific Methodology ◽  
Future Research ◽  
Real Economy ◽  
European Monetary ◽  
Institutional Approach ◽  
Integration Project

The main objective of this study is to analyze endogenous destabilizing and disintegration tendencies within the framework of the crisis of the European Monetary Union, which grew into a crisis in the real economy. This involved several EU members states at the same time. Achieving this goal requires addressing a number of theoretical and historical lessons, that point to an important dilemma for the survival of the European project in the future. Research methods include: systematic, procedural and situational approaches to the study of Eurozone countries and participants in the integration project and disintegration influences and an institutional approach to the detection and analysis of dysfunctional institutional configuration within the framework of the European Monetary Union. Of significant importance for the study of the problems of economic integration and disintegration was the use of the principles of universal scientific methodology. This included an integrated approach to problem solving, which envisaged a general vision of the movement of capital in the context of the European integration project. Also, the application of methods of logical models, induction and deduction. The unity of logic and history in the development of a research object confirming the synergistic effect of historical and theoretical lessons.

scholarly journals The GIIPS crisis in the context of the European Monetary Union: a political economy approach

2019 ◽  
Vol 4 (2) ◽  
pp. 224
Author(s):  
Nicholas Magnus Deleuse Blikstad ◽  
Giuliano Contento de Oliveira
Keyword(s):  
Monetary Union ◽  
European Monetary Union ◽  
Aggregate Demand ◽  
Recovery Process ◽  
Institutional Arrangement ◽  
Economic Recovery ◽  
Economic Policies ◽  
European Monetary ◽  
The One ◽  
Integration Project

<p>The GIIPS crisis (Greece, Italy, Ireland, Portugal, and Spain) has been deep and resistant. To date there have not been clear signs of consistent recovery from these economies, with the only exception being Ireland, that has experimented with a longer lasting economic recovery process in recent times. The aim of this paper is to discuss the GIIPS crisis in light of the European integration project. It is argued that this crisis has resulted from two simultaneous processes: on the one hand, it has resulted from the growing internal imbalances that occurred over the economic expansion period; on the other hand, it has resulted from the rigidities imposed by the institutional arrangement of the European Monetary Union. It has been concluded that the consistent economic recovery of these economies requires an aggregate demand stimulus for them, a condition that in turn requires the implementation of countercyclical economic policies.</p>

scholarly journals EMU – “Optimum” or “Viable” Currency Area?

2012 ◽  
Author(s):  
Andreea Bucur
Keyword(s):  
European Union ◽  
Economic Integration ◽  
Monetary Union ◽  
European Monetary Union ◽  
Research Effort ◽  
Optimum Currency Area ◽  
European Monetary ◽  
European Union Enlargement ◽  
Currency Area ◽  
Optimum Currency

Although the increasing heterogeneity as an effect of European Union enlargement, referring especially to the last two waves, is perceived as a single internal market and also euro single currency risk, European Monetary Union represents an important step towards deepening economic integration. Controversy on the Optimum Currency Area issue has created difficulties in empirical research effort to find appropriate responses to the EMU dilemma: is Euro zone an „optimum” or rather “viable” currency area?

When Some Are More Equal than Others: National Parliaments and Intergovernmental Bailout Negotiations in the Eurozone

2017 ◽  
Vol 52 (2) ◽  
pp. 239-265 ◽  
Author(s):  
Manuela Moschella
Keyword(s):  
Monetary Union ◽  
European Monetary Union ◽  
Financial Support ◽  
Financial Assistance ◽  
National Parliaments ◽  
European Monetary ◽  
Empirical Examination ◽  
The Creation ◽  
Integration Project

This article argues that the integration of financial assistance capacity in the eurozone, which was meant to remedy institutional shortcomings and mitigate the distributional implications of financial support in the European Monetary Union (EMU), has instead contributed to a deepening of the existing political cleavages and the creation of new ones. This dysfunctional effect reflects the empowerment ofsomenational parliaments in decisions on financial assistance. These arguments are tested against the empirical examination of the negotiations of the three adjustment programmes for Greece. Specifically, the article shows that negotiations moved towards the radicalization of creditors’ positions and increased divisions between creditors in conjunction with the development of financial assistance capacity. While advancing its theses, the article strikes a note of caution regarding the argument that the empowerment of national parliaments in EU policymaking is one of the most powerful antidotes to its legitimacy deficit and thus a safeguard for the integration project.

scholarly journals Integracja gospodarcza Danii, Finlandii i Szwecji z Unią Europejską

2015 ◽  
pp. 227-247
Author(s):  
Leszek Leśniewski
Keyword(s):  
European Union ◽  
Comparative Study ◽  
European Integration ◽  
Economic Integration ◽  
Monetary Union ◽  
European Monetary Union ◽  
The European Union ◽  
European Monetary ◽  
Global Crisis ◽  
Opt Out

This paper explores economic integration of the Scandinavian states (Denmark, Finland and Sweden) with the European Union during the global crisis. The aim of this paper is to present comparative study of different choices made by these countries with regard to the European integration: EMU opt – out clause in Denmark, membership of Finland in the European Monetary Union and derogation for Sweden – and as result different reaction to the financial and economic crises

scholarly journals Regional Integration as “Second-Best” Alernative in Post-Financial Crisis World: Lessons from the European Monetary Union to the Mercosur and Unasur

2019 ◽  
Vol 15 (2) ◽  
pp. 61-68
Author(s):  
Renato Saraiva ◽  
Thaís Dutra Fernández
Keyword(s):  
Financial Crisis ◽  
Economic Integration ◽  
Monetary Union ◽  
Regional Integration ◽  
European Monetary Union ◽  
Global Economy ◽  
International Monetary System ◽  
European Monetary ◽  
Second Best ◽  
Monetary System

The International Monetary System does not reflect transformations in the global economy. Being impossible to reform it, economic integration processes may be a “second-best” alternative. By analyzing the European Monetary Union we conclude that MERCOSUR and UNASUR should conceive regimes in less restrictive forms and develop fiscal and political integration.

scholarly journals Fiscal stabilisation policy in the EMU. An insight from the theory of optimum currency areas

2020 ◽  
pp. 43-60
Author(s):  
Małgorzata Misiak
Keyword(s):  
Economic Integration ◽  
Monetary Union ◽  
European Monetary Union ◽  
The European Union ◽  
Optimum Currency Areas ◽  
European Monetary ◽  
Theoretical Underpinning ◽  
Stabilisation Policy ◽  
Currency Area ◽  
Optimum Currency

The aim of the paper is to examine the role and place of the fiscal stabilisation policy in the European Monetary Union (EMU) from the perspective of the theory of optimum currency areas (OCA). We examine the theoretical underpinning for the policy to mitigate the economic fluctuations in a monetary union, and answer the questions of whether fiscal integration is a prerequisite for the “optimality” of a currency area and at what level of governance a stabilising fiscal policy should be conducted. We conclude with a short revision of how OCA theory is applied to the project of monetary and economic integration in the European Union (EU) and some conclusions for future development and research.

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