The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union

The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union

The euro crisis has been analysed in depth since, with Greece’s bailout in early 2010, the Economic and Monetary Union (EMU) imposed severe austerity policies to a set of peripheral countries. The uniqueness of the EMU response to the crisis was due, in a large measure, to its institutional design a...

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Bibliographic Details
Main Author: Javier Oyarzun
Format: Article
Language:English
Published: Universidad Complutense de Madrid 2015-09-01
Series:Papeles de Europa
Subjects:
Unión Económica y Monetaria Europea (UEM)
Política de austeridad
diseño institucional
fallo de mercado
países acreedores
Online Access:http://147.96.1.34/index.php/PADE/article/view/50181
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spelling doaj-5191a2562153443aa820a6d4bf859c542020-11-25T02:14:08ZengUniversidad Complutense de MadridPapeles de Europa1989-59172015-09-01281608510.5209/rev_PADE.2015.v28.n1.5018147670The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary unionJavier Oyarzun0Universidad Complutense de MadridThe euro crisis has been analysed in depth since, with Greece’s bailout in early 2010, the Economic and Monetary Union (EMU) imposed severe austerity policies to a set of peripheral countries. The uniqueness of the EMU response to the crisis was due, in a large measure, to its institutional design and the relationship of forces that have operated within, since its inception in 1992 and its start in 2000. This article analyses the causes of the adoption of this policy and studies the main arguments presented by its promoters. The main conclusion in this regard is that the institutional design of EMU is profoundly asymmetrical and the applied austerity policy has benefited almost exclusively the creditor countries and certain economic groups. This policy has proven to be very harmful to the majority of the European population.http://147.96.1.34/index.php/PADE/article/view/50181Unión Económica y Monetaria Europea (UEM)Política de austeridaddiseño institucionalfallo de mercadopaíses acreedores
collection DOAJ
language English
format Article
sources DOAJ
author Javier Oyarzun
spellingShingle Javier Oyarzun
The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union
Papeles de Europa
Unión Económica y Monetaria Europea (UEM)
Política de austeridad
diseño institucional
fallo de mercado
países acreedores
author_facet Javier Oyarzun
author_sort Javier Oyarzun
title The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union
title_short The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union
title_full The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union
title_fullStr The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union
title_full_unstemmed The euro crisis. A reflection on austerity policies and the institutional design of the european economic and monetary union
title_sort euro crisis. a reflection on austerity policies and the institutional design of the european economic and monetary union
publisher Universidad Complutense de Madrid
series Papeles de Europa
issn 1989-5917
publishDate 2015-09-01
description The euro crisis has been analysed in depth since, with Greece’s bailout in early 2010, the Economic and Monetary Union (EMU) imposed severe austerity policies to a set of peripheral countries. The uniqueness of the EMU response to the crisis was due, in a large measure, to its institutional design and the relationship of forces that have operated within, since its inception in 1992 and its start in 2000. This article analyses the causes of the adoption of this policy and studies the main arguments presented by its promoters. The main conclusion in this regard is that the institutional design of EMU is profoundly asymmetrical and the applied austerity policy has benefited almost exclusively the creditor countries and certain economic groups. This policy has proven to be very harmful to the majority of the European population.
topic Unión Económica y Monetaria Europea (UEM)
Política de austeridad
diseño institucional
fallo de mercado
países acreedores
url http://147.96.1.34/index.php/PADE/article/view/50181
work_keys_str_mv AT javieroyarzun theeurocrisisareflectiononausteritypoliciesandtheinstitutionaldesignoftheeuropeaneconomicandmonetaryunion
AT javieroyarzun eurocrisisareflectiononausteritypoliciesandtheinstitutionaldesignoftheeuropeaneconomicandmonetaryunion
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