Arbeitspapier
Going forward from B to A? Proposals for the Eurozone crisis
After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, like Greece, that have so far adopted austerity measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund. We show that the introduction of fiscal currencies would speed up the recovery, without violating the rules of eurozone treaties. At the same time, these processes could help transition the euro from its current status as the single currency to the status of "common clearing currency," along the lines proposed by John Maynard Keynes at Bretton Woods as a system of international monetary payments. Eurozone countries could therefore move from "Plan B," aimed at addressing member-state domestic problems, to a "Plan A" for a better European monetary system.
- Language
-
Englisch
- Bibliographic citation
-
Series: Working Paper ; No. 866
- Classification
-
Wirtschaft
Institutions and the Macroeconomy
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Macroeconomic Issues of Monetary Unions
- Subject
-
Euro
Fiscal Currencies
Austerity
Current Account Imbalances
Clearing Union
- Event
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Geistige Schöpfung
- (who)
-
Amato, Massimo
Fantacci, Luca
Papadimitriou, Dimitri B.
Zezza, Gennaro
- Event
-
Veröffentlichung
- (who)
-
Levy Economics Institute of Bard College
- (where)
-
Annandale-on-Hudson, NY
- (when)
-
2016
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Amato, Massimo
- Fantacci, Luca
- Papadimitriou, Dimitri B.
- Zezza, Gennaro
- Levy Economics Institute of Bard College
Time of origin
- 2016
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The Eurozone Crisis Is Also a Governance Crisis
“The Eurozone Crisis” – A Book Debate
“The Eurozone Crisis” : A Book Debate
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"The Eurozone Crisis" : Introduction by the Authors
"The Eurozone Crisis" : Reply by the Authors
"The Eurozone Crisis" : Introduction by the Authors
Should crisis-hit countries leave the eurozone?
Transparenz und Forward Guidance: Stimulierung der Volkswirtschaft in der Eurozone?