Abstract
In this article we analyze the process of monetary integration in Europe, identifying the structural determinants and the dysfunctional elements in the institutions of the European Union. Secondly, we explain two prevailing discourses that fail in interpreting the events: on the one hand, a purely ideological position that see integration as a process of convergence that should not be interfered with; on the other hand, a purely idealist perspective, according to which the ideal of integration will prevail over any contradiction engendered by the institutional system. The combination of these two perspectives helped justify post crisis interventions (fiscal consolidation) and the institutional design that followed, which eventually aggravated the macroeconomic instability in the area.
| Translated title of the contribution | [Autom. eng. transl.] Euro crisis in perspective |
|---|---|
| Original language | Spanish |
| Pages (from-to) | 257-289 |
| Number of pages | 33 |
| Journal | Revista de Economia Institucional |
| Volume | 19 |
| DOIs | |
| Publication status | Published - 2017 |
Keywords
- Austerity
- Balance of payment
- Optimal currency area
- Financial crisis
- European integration