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This book offers a critical perspective from which to observe
evolution of the Euro Area and the European Union in these times of
growing economic and political conflict. Key implications of design
failures in the Euro Area (i.e. incorrect diagnostics of the public
finance crisis, single monetary policy failure, heterogeneous
macroeconomic environment, asymmetry in macroeconomic policies,
obstacles for policy coordination) and their contribution to the
excessive external and internal economic imbalances will be
critically discussed from the economic, policy and institutional
perspectives. This critical insight is used to examine both
institutional asset and economic performance of Europe after the
crisis, moving from the authors' shared perspective that the crisis
revealed the weak aspects of the whole architecture of the European
Union. The economic crisis revealed the existence of different
forms of imbalances inside the Eurozone and highlighted the flaws
of the institutional architecture of economic policy in Europe. The
greater fragility of some countries in respect to others has
triggered a backward process in which national interests have
started to prevail over those of both the currency area and the
entire European Union. In turn, this has fuelled a progressive
decline in confidence in the European institutions and is creating
growing questions of interpretation both in terms of economic
theory and institutional asset. This book focuses on these issues
and on the degree of legitimacy of the European institutions
resulting therefrom. It aims to investigate the nature and validity
of the European integration process emphasizing limits and
challenges arising from it.
Following the 2008 financial crisis, the Eurozone faced a major
challenge to many of its most widely held beliefs around both
short- and long-term economic policy. Contrary to what had been the
received wisdom, it suddenly became clear that financial
institutions can fail, that low interest rates are often unable to
stimulate the economy, that the unemployment gap is still very
large, and that external and internal imbalances are becoming more
entrenched. Such sudden revelations left economists grasping for
answers. Rosaria Rita Canale and Rajmund Mirdala outline the
economic orthodoxies that led to such massive blind spots, and they
shed light on the emerging paradigms that continue to struggle to
offer convincing frameworks that address what happened and what to
do next. They show how dominant economic theories led to a
progressive devaluing of the idea that coordinated economic policy
offers an effective way of maintaining macroeconomic equilibrium,
and they illustrate how the new economic environment calls for a
new role for economic policy, one that allows for a more
maneuverable monetary policy and a more active fiscal policy. What
they ultimately suggest is that this renewed framework of
cooperation among policy instruments would require a general
rethinking of the political equilibria within the Eurozone, as a
stable economic environment cannot be maintained at the expense of
particular countries. For its systematic analyses of the economic
policy framework of the Eurozone, and for the rigor of its
critiques of current ideas about how to move forward, Fiscal and
Monetary Policy in the Eurozone is essential reading for
postgraduate students of economics, and it is of keen interest to
researchers, policymakers, journalists, and financial strategists.
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