Alternative exchange rate regimes for the euro zone

The analysis of the euro zone crisis in the two previous chapters has shown how the reforms often adopted in emergency have brought partial solutions to avoid a break-up. But a deeper transformation of the institutional framework remains necessary. The way of adjusting internal imbalances is still a...

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Autores principales:	Mazier, Jacques, Valdecantos, Sebastián
Formato:	Parte de libro publishedVersion
Lenguaje:	Inglés
Publicado:	Routledge 2020
Materias:	Sistema Monetario Europeo
Acceso en línea:	https://nulan.mdp.edu.ar/id/eprint/3944/ https://nulan.mdp.edu.ar/id/eprint/3944/1/mazier-valdecantos-2020.pdf
Aporte de:	Nulan - Fac.Cs.Económicas (UNMdP) de Universidad Nacional de Mar del Plata (UNMdP)

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spelling	I29-R135-39442023-10-02T13:33:51Z Alternative exchange rate regimes for the euro zone Mazier, Jacques Valdecantos, Sebastián The analysis of the euro zone crisis in the two previous chapters has shown how the reforms often adopted in emergency have brought partial solutions to avoid a break-up. But a deeper transformation of the institutional framework remains necessary. The way of adjusting internal imbalances is still asymmet- rical. Deficit countries alone are obliged to adjust. Wage deflation and restrictive policies have replaced exchange rate adjustments and competitive devaluations. The alternative policies have been presented and evaluated. They appeared rather unlikely in the political context or with a limited impact or difficult to implement. Furthermore, these proposals would not solve the real problem, that is, the structural differences that make it impossible for southern countries to compete against the German block at the same nominal exchange rate parity. Adjusting the real exchange rate through the so-called internal devaluations may imply an unacceptable social cost. However, the status quo could prevail with only marginal inflexions and would remain fragile. A last alternative can be explored, a calling into question of the single currency itself, to regain rooms of manoeuvre. The re-introduction of an adjustment of nominal exchange rates within the euro zone may imply a positive competitiveness shock that may help some of the troubled countries. This is the idea of what may be called a multi- speed euro zone which could take two forms. Routledge 2020 https://nulan.mdp.edu.ar/id/eprint/3944/ application/pdf eng https://nulan.mdp.edu.ar/id/eprint/3944/1/mazier-valdecantos-2020.pdf In Mazier, Jacques <https://nulan.mdp.edu.ar/view/creators/Mazier=3AJacques=3A=3A.html>, Global imbalances and financial capitalism. Stock-flow-consistent modelling (pp. 196-236). New York: Routledge (Routledge Frontiers of Political Economy). ISBN 978-0-429-43778-6 info:eu-repo/semantics/bookPart info:ar-repo/semantics/parte de libro info:eu-repo/semantics/publishedVersion Fil: Mazier, Jacques. University Sorbonne Paris Nord, CEPN-CNRS; France. Fil: Valdecantos, Sebastián. National University of General San Martín; Argentina. Sistema Monetario Europeo info:eu-repo/semantics/closedAccess https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es
institution	Universidad Nacional de Mar del Plata (UNMdP)
institution_str	I-29
repository_str	R-135
collection	Nulan - Fac.Cs.Económicas (UNMdP)
language	Inglés
orig_language_str_mv	eng
topic	Sistema Monetario Europeo
spellingShingle	Sistema Monetario Europeo Mazier, Jacques Valdecantos, Sebastián Alternative exchange rate regimes for the euro zone
topic_facet	Sistema Monetario Europeo
description	The analysis of the euro zone crisis in the two previous chapters has shown how the reforms often adopted in emergency have brought partial solutions to avoid a break-up. But a deeper transformation of the institutional framework remains necessary. The way of adjusting internal imbalances is still asymmet- rical. Deficit countries alone are obliged to adjust. Wage deflation and restrictive policies have replaced exchange rate adjustments and competitive devaluations. The alternative policies have been presented and evaluated. They appeared rather unlikely in the political context or with a limited impact or difficult to implement. Furthermore, these proposals would not solve the real problem, that is, the structural differences that make it impossible for southern countries to compete against the German block at the same nominal exchange rate parity. Adjusting the real exchange rate through the so-called internal devaluations may imply an unacceptable social cost. However, the status quo could prevail with only marginal inflexions and would remain fragile. A last alternative can be explored, a calling into question of the single currency itself, to regain rooms of manoeuvre. The re-introduction of an adjustment of nominal exchange rates within the euro zone may imply a positive competitiveness shock that may help some of the troubled countries. This is the idea of what may be called a multi- speed euro zone which could take two forms.
format	Parte de libro Parte de libro publishedVersion
author	Mazier, Jacques Valdecantos, Sebastián
author_facet	Mazier, Jacques Valdecantos, Sebastián
author_sort	Mazier, Jacques
title	Alternative exchange rate regimes for the euro zone
title_short	Alternative exchange rate regimes for the euro zone
title_full	Alternative exchange rate regimes for the euro zone
title_fullStr	Alternative exchange rate regimes for the euro zone
title_full_unstemmed	Alternative exchange rate regimes for the euro zone
title_sort	alternative exchange rate regimes for the euro zone
publisher	Routledge
publishDate	2020
url	https://nulan.mdp.edu.ar/id/eprint/3944/ https://nulan.mdp.edu.ar/id/eprint/3944/1/mazier-valdecantos-2020.pdf
work_keys_str_mv	AT mazierjacques alternativeexchangerateregimesfortheeurozone AT valdecantossebastian alternativeexchangerateregimesfortheeurozone
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Alternative exchange rate regimes for the euro zone

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