Avoiding Another Crisis in the Euro Area
Public and Private Imbalances and National Policy Responses
Bibliographic Data
| ID | 12047156 |
|---|---|
| Authors | Russell Kincaid (University of Oxford, corresponding author), Max Watson (University of Oxford) |
| Year | 2015 |
| Volume | 37 |
| Issue | 7 |
| Pages | 787-801 |
| Publication date | 2015-09-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of European Integration (JOURNAL) |
| Journal identifiers | ISSN: 0703-6337 • E-ISSN: 1477-2280 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/07036337.2015.1079374 |
| OpenAlex | W1820661958 |
| Language | EN |
| Citations received | 4 |
| References cited | 3 |
Early critics of the euro’s design pointed to the disruptive potential — both political and economic — of country-specific shocks in a monetary union that is a far cry from an optimal currency area. The euro crisis has confirmed the risks associated with a ‘one-size-fits-all’ monetary policy, decentralized financial supervision, and inadequate fiscal backstops. This article examines how the active use of national fiscal policies and macroprudential policies can mitigate these risks. Cross-border coordination of macroprudential policies is essential to ensure their effectiveness. In addition, area-wide reforms are necessary including a more complete banking union with a well-funded common backstop
Business · Common currency · Currency · Currency union · Economic policy · Economics · European monetary union · European union · Financial crisis · Financial system · Fiscal policy · Fiscal union · International economics · Macroeconomics · Monetary economics · Monetary policy · Political science · Politics · Fiscal Policies and Political Economy · Global Financial Crisis and Policies · Global Financial Regulation and Crises
| Citations per year | 0.36 |
|---|---|
| Citation span | 2015 - 2021 (7) |
| Highly cited | No |