Euro area Macroeconomics - Where do we stand 20 years later ?
Revue de l'OFCE
Paris : OFCE
55 - 88 p.
Euro area, Single currency, Financial market, Fiscal rules, Economic Policies coordination
For almost 20 years, euro area countries have been sharing a single currency. The drawbacks of the euro area framework were highlighted by the widening of imbalances prior to the 2007 financial crisis, and thereafter by the huge impact of the financial crisis, the public debt crisis in Southern European countries, and the Great Recession. Prior to and after the crisis, EU institutions and Member States (MS) have not been able to implement either a common economic strategy or satisfactory economic policy coordination