Bulletin n. 1-2/2014
November 2014
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • Gawronski PierGiorgio
    Progetto euro: cosa è andato storto? La riforma necessaria dell'Eurozona
    in Rivista di politica economica , I-III 2014 ,  2014
    Gawronski PierGiorgio The article offers an overview of the literature on the many institutional weaknesses of the Eurozone exposed in the 2009-2013 period. Comparing failures with expected outcomes clarifies where the original project has gone wrong. Three main conclusions are offered. (a) The Eurozone is even less a viable currency area than it was believed; the theory of Optimal Currency Areas underestimates the costs and overestimates the benefits of the euro; (b) Asymmetric shocks are stronger than expected; (c) Institutions are biased, ill-suited for managing even symmetric negative demand shocks. A comprehensive institutional reform would be the most appropriate response.
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