The aftermath of the US subprime mortgage crisis in 2008 saw its
influence spread around the world, including Europe. The European
crisis turned out to be longer, deeper and more resilient than
anticipated. An unexpected consequence was the increasingly
divergent economic and financial situation of two main groups of
countries within the Eurozone, which includes the countries that
adopt the euro as their common currency. The divergence was caused
by a number of factors, fundamentally stemming from the dissimilar
economic and financial situation of its member countries and from
the incomplete institutional architecture and the monetary and
fiscal policies in the Eurozone.One Currency, Two Europes: Towards
a Dual Eurozone seeks to explore these factors which give rise to
the Eurozone's asymmetric composition and the growing difficulties
and ineffectiveness that policies meet. It presents evidence to
show how the presently incomplete institutional architecture of the
Eurozone is the main reason for the extreme detrimental effects of
the international crisis and austerity policies, along with the
asymmetric economic situation and the insufficient mutual trust
demonstrated by the vulnerable as well as resilient countries.Other
than presenting a complete overview and analysis of the events that
unfolded in the Eurozone as a result of the financial crisis that
first emerged in the US, this book also suggests possible solutions
which could help to reunify the Eurozone, and make the common
currency sustainable and beneficial for all member countries. One
Currency, Two Europes will be useful for policymakers who want to
learn from the Eurozone's experience with the financial crisis and
the importance of complete institutional architectures and
inter-country economic convergence. It will also serve as a
reference to students and researchers who would like more in-depth
analysis of the crisis and the Eurozone's fiscal, monetary and
institutional past, present, and future.
General
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