Crisis in the European Monetary Union: A Core-Periphery Perspective [Paperback]

After decades of economic integration and EU enlargement, the economic geography of Europe has shifted, with new peripheries emerging and the core showing signs of fragmentation. This book examines the paths of the core and peripheral countries, with a focus on their diverse productive capabilities and their interdependence.

Crisis in the European Monetary Union: A Core-Periphery Perspective provides a new framework for analysing the economic crisis that has shaken the Eurozone countries. Its analysis goes beyond the short-term, to study the medium and long-term relations between core countries (particularly Germany) and Southern European peripheral countries. The authors argue that long-term sustainability means assigning the state a key role in guiding investment, which in turn implies industrial policies geared towards diversifying, innovating and strengthening the economic structures of peripheral countries to help them thrive.

Offering a fresh angle on the European crisis, this volume will appeal to students, academics and policymakers interested in the past, present and future construction of Europe.

Introduction,  Part 1: A medium term perspective, 1. The current Euro crisis: a faulty institutional construction, 1. Introduction, 2. The Werner Report and the idea of Europe, 3. The Snake and the EMS, 4. The bumpy road to the EMU, 5. The EMUs institutional flaws, 6. In the crisis: bail-outs, politics, reforms, 7. Conclusions,  2. The European core-periphery divergent development paths before the crisis: 19992008, 1. Introduction, 2. Germany: from Europe's sick man to export superstar, 3. Wage moderation, 4. Housing: a non-tradable sector?, 5. The construction of the Central European Manufacl“,