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Beyond the CrisisThe Governance of Europe's Economic, Political and Legal Transformation$
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Mark Dawson, Henrik Enderlein, and Christian Joerges

Print publication date: 2015

Print ISBN-13: 9780198752868

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198752868.001.0001

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Rebalancing and Completing the European Monetary Union

Rebalancing and Completing the European Monetary Union

(p.44) 4 Rebalancing and Completing the European Monetary Union
Beyond the Crisis

Loukas Tsoukalis

Oxford University Press

Previous attempts at European monetary integration ended up as German-led arrangements with a shrinking membership. With the euro, the stakes are much higher. The biggest international financial crisis since 1929 has transformed itself into an existential crisis of the common currency. Systemic weaknesses of the Maastricht construction feed into individual national failures. Since then, many unthinkables have happened to save the euro, but the price paid has been very high. Europe is divided, the economic strategy flawed, and the politics toxic. Germany has emerged as the indispensable country, while Greece remains the weakest member. We need a more balanced approach combining structural reform with fiscal and monetary measures to boost demand. We also need a new European grand bargain aiming at a more effective and legitimate governance of the euro, while also providing more room for flexibility and differentiation for those who need it, such as the UK.

Keywords:   euro crisis, common currency, Maastricht, fiscal measures, monetary measures, European grand bargain, Germany, Greece, UK, structural reform

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