The Euro Zone as a Complex, Tightly-Coupled System
The Euro Zone as a Complex, Tightly-Coupled System
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
Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .
