Repositorio
How Functional is the Eurozone? An Index of European Economic Integration Through the Single Currency
Título
How Functional is the Eurozone? An Index of European Economic Integration Through the Single Currency
Código de publicación
- AD-00059
Autores/as
- Castaneda, J., & Schwartz, P.
Clave
- Artículo de investigación
Colaboradores/as
Claves o descriptores
Descripción
- This article is a step towards empirically assessing how close the Eurozone is to becoming an ‘optimal currency area’, as originally defined by Mundell (1961). For this purpose we have compiled ten indicators, organised them in four partial indices, and summarised them in an overall indicator of ‘optimality’. The resulting picture is mixed, with zone optimality not increasing when circumstances were favourable but the trend towards integration returning after the 2008–14 crisis. The suggestion is that disintegration during the crisis, rather than being evidence of failure of the Eurozone when the going was tough, showed a self-healing mechanism at work. However, our measurements and indices show that optimality is much further away than it was in 1999, when the euro was launched.
Localización
Revista | libro
- Economic Affairs, 37(3), 365–372.
Idioma
- Inglés
Editor
- Institute of Economic Affairs
Año de publicación
- 2017
Formato
Identificador (ISBN/ISSN)
DOI o URI/URL
- https://doi.org/10.1111/ecaf.12262
Derechos
- Restringidos
Fichero
- Disponible