The Euro crisis: Genesis, transmission and overcoming scenarios

• Main Authors: Alfredo Arahuetes, Gonzalo Gómez Bengoechea
• Format: Article
• Language: English
• Published: Universidad Pontificia Comillas 2015-12-01
• Series: Comillas Journal of International Relations
• Subjects: áreas monetarias óptimas; shocks asimétricos; política económica; instituciones; convergencia económica; crisis de la Eurozona; superviviencia del euro; posición alemana
• Online Access: http://revistas.upcomillas.es/index.php/internationalrelations/article/view/6360
• ISSN: 2386-5776

This paper analyzes the construction process of the eurozone as a monetary union without fiscal and banking union. Recent developments in the European currency area are studied, as well as the asymmetric shocks that have hit member economies. Furthermore, the article describes the adjustment followed by peripheral countries until the implementation of the Outright Monetary Transactions (OMT) program. Finally, the paper studies the different paths that the Eurozone recovery could take from 2015, highlighting its likely survival despite the institutional and economic convergence difficulties that have been found.