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The Architecture of CollapseThe Global System in the 21st Century$
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Mauro F. Guillén

Print publication date: 2015

Print ISBN-13: 9780199683604

Published to Oxford Scholarship Online: November 2015

DOI: 10.1093/acprof:oso/9780199683604.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 April 2021

The Euro Zone as a Complex, Tightly-Coupled System

The Euro Zone as a Complex, Tightly-Coupled System

(p.130) 6 The Euro Zone as a Complex, Tightly-Coupled System
The Architecture of Collapse

Mauro F. Guillén

Oxford University Press

As a bloc of 17 EU members, the Euro Zone is one of the most complex and tightly coupled arrangements in the world, linked together by a single currency, a single central bank, and an attempt to coordinate macroeconomic, fiscal, and banking policies and regulations. The crisis in the Euro Zone that started in 2009 can be readily explained by reference to its complexity and tight coupling, which were created by the technocratic dream of a truly unified Europe, adopted prematurely in 1999 in order to anchor a united Germany. As opposed to painful and relatively ineffective austerity measures and a renewed drive towards integration, Europe can alleviate unemployment and its relative decline by prioritizing economic growth, which can be more easily achieved if the surplus economies increase wages and consumption, and inflation accelerates slightly.

Keywords:   European Union, Euro Zone, trade, fiscal policy, monetary policy, technocracy, Germany, unemployment, inflation

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