After Maastricht: balance and perspectives of the single currency in the wake of the financial crisis
DOI:
https://doi.org/10.5944/hdp.40.2022.39038Keywords:
EMU, euro, crisis, rescue, ECBAbstract
This paper deals with the behavior of the Economic and Monetary Union (EMU), and specifically the euro, facing one of its toughest tests: the financial crisis and the consequent sovereign debt crisis. To do so, its successes and flaws are analyzed, a dichotomy known since its beginnings, which was going to be reflected in the asymmetry of the impacts that the crisis had on the component states. It shows how the single currency was tested during both crisis through the Greek, Irish and Portuguese cases; states that were necessary to be rescued, forcing us to rethink the ideas about the design of the EMU and about decision-making in the EU. Finally, the solutions (that were implemented not only to protect the single currency but also to improve it) were shown to promote a greater integration in the European Union itself. The lessons learned by the EU were about to be extremely useful for the upcoming crisis (COVID-19, Russo-Ukrainian war, etc.).
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