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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 866
- Klassifikation
-
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
- Thema
-
Euro
Fiscal Currencies
Austerity
Current Account Imbalances
Clearing Union
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Amato, Massimo
Fantacci, Luca
Papadimitriou, Dimitri B.
Zezza, Gennaro
- Ereignis
-
Veröffentlichung
- (wer)
-
Levy Economics Institute of Bard College
- (wo)
-
Annandale-on-Hudson, NY
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Amato, Massimo
- Fantacci, Luca
- Papadimitriou, Dimitri B.
- Zezza, Gennaro
- Levy Economics Institute of Bard College
Entstanden
- 2016
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