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The Euro Area Crisis in Constitutional Perspective$
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Alicia Hinarejos

Print publication date: 2015

Print ISBN-13: 9780198714958

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780198714958.001.0001

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An Asymmetric EMU

An Asymmetric EMU

(p.3) 1 An Asymmetric EMU
The Euro Area Crisis in Constitutional Perspective

Alicia Hinarejos

Oxford University Press

This chapter provides an overview of the original design of Economic and Monetary Union (EMU) and its flaws. It highlights the underlying tension within EMU between a centralized monetary policy, on the one hand, and essentially decentralized economic and fiscal policy, on the other. Ultimately, this asymmetric design of EMU proved to have certain flaws that contributed to the euro area government debt crisis and that have made it more difficult to address said crisis.

Keywords:   euro area crisis, Economic and Monetary Union, EMU, fiscal integration, economic coordination, budgetary surveillance, Stability and Growth Pact, Broad Economic Policy Guidelines

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