The Eurozone crisis in perspective: causes & implications
Abstract
The eurozone crisis, apart from revealing serious institutional weaknesses
in the structural design of the Economic and Monetary Union (EMU), has
also highlighted the limits of the EU and its member-states to act effi ciently,
swiftly, and comprehensively to address the problems at hand. A number of vicious
feedback eff ects that the crisis fuelled resulted in unwelcome political and economic
developments spreading beyond the euro area. The objective of this paper is
to shed some light on the causes and the ways of addressing the crisis in the euro
area. Against this background, the diverse correlated implications of the euro area
crisis for the EU member-states, for the EU institutions, and possibly for the future
of the EU itself are discussed.
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