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dc.contributor.authorArestis, Philipen
dc.date.accessioned2016-02-01T15:55:08Z
dc.date.available2016-02-01T15:55:08Z
dc.date.issued2016-04-01en
dc.identifier.citationArestis. European Journal of Economics and Economic Policies: Intervention (2016), Vol. 13, Issue 1, pp. 28-38. doi: 10.4337/ejeep.2016.01.04en
dc.identifier.issn2052-7764
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/253573
dc.description.abstract© 2016 Edward Elgar Publishing Ltd. The international financial crisis of 2007/2008 and the ‘Great Recession’ that followed, along with the euro crisis, have highlighted a range of problems and difficulties that are related to some fundamental weaknesses of the euro. There are the well-known difficulties of macroeconomic policies under the Stability and Growth Pact and the more recent Fiscal Compact, including their deflationary nature and the ‘one size fits all problem’ of imposing common deficit requirements on all European Economic and Monetary Union countries. There are also problems with monetary policy in view of the fact that the European Central Bank does not properly possess the functions of a central bank, especially that of lender of last resort. We discuss the reforms that are needed, most important of which is the requirement for a substantial Economic and Monetary Union-level fiscal policy as part of political integration, along with a banking union. In this context the recent proposals of the ‘Five Presidents’ Report’ (European Commission 2015b; see, also, European Council 2012) are relevant and the question is whether they will save the euro. It is concluded that the ‘Five Presidents’ Report’ is unlikely to resolve the deep-seated problems, casting a dark shadow over the future of the euro.
dc.language.isoenen
dc.publisherElgar Online
dc.titleCan the report of the ‘five presidents’ save the euro?en
dc.typeArticle
dc.provenanceOA-6852
prism.endingPage38
prism.issueIdentifier1en
prism.publicationDate2016en
prism.publicationNameEuropean Journal of Economics and Economic Policies: Interventionen
prism.startingPage28
prism.volume13en
dcterms.dateAccepted2015-11-11en
rioxxterms.versionofrecord10.4337/ejeep.2016.01.04en
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2016-04-01en
dc.contributor.orcidArestis, Philip [0000-0001-8729-4846]
dc.identifier.eissn2052-7772
rioxxterms.typeJournal Article/Reviewen
cam.issuedOnline2016-04-01en
dc.identifier.urlhttps://www.elgaronline.com/abstract/journals/ejeep/13-1/ejeep.2016.01.04.xml?en
rioxxterms.freetoread.startdate2017-10-01


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