The strange case of the attack on the Euro area: Who is to blame? [O estraño caso do ataque á Eurozona: De quen é a culpa?]

• Tipo: Artigo em Revista Científica Internacional
• Data: 2012

Autores

Óscar Afonso (Autor) FEP; Rui Henrique Alves (Autor) FEP

Revista

Título: Revista Galega de Economia

Vol. 21

Páginas: 119-134

ISSN: 1132-2799

Editora: Universidade de Santiago de Compostela. Servicio de Publicacións e Intercambio Científico

Indexação

Scopus - 1 Citação

Outras Informações

ID Authenticus: P-008-7PM

Abstract (EN): In recent months, the euro area has been under fire from the financial markets, spe-culators being blamed for the mounting of a kind of conspiracy whose ultimate goal would be the disintegration of the project's Economic and Monetary Union (EMU). In this paper, we discuss the true reasons of this situation with reference to four issues which the debate remains open since the early 90s: nominal convergence versus real convergence; need -or not- for the coordination of fiscal policies; adjustment mechanisms to specific shocks and the theory of optimum currency areas; and need -or not- for further progress in political integra-tion. Using data on the Portuguese case, we argue that, on several of these topics, the present framework of the EMU still reveals many weaknesses, which would underpin the current unstable situation. In this context, we present some suggestions for strengthening the euro area, particularly in terms of its economic governance.

Idioma: Inglês

Tipo (Avaliação Docente): Científica