The Euro and the Crisis

1. Overview
Nazaré Costa Cabral, José Renato Gonçalves, Nuno Cunha Rodrigues

Part I. The Eurozone as a (non) Optimum Currency Area

2. The Fundamental Flaws in the Euro Zone Framework
Joseph E. Stiglitz

3. EMU as a Sustainable Currency Area
Annette Bongardt, Francisco Torres

4. A Structural-Reform Proposal for a Two-Speed European Monetary Union
Sergio Rossi

5. Are Euro Area Economic Structures Changing?
Francesco Paolo Mongelli, Georgios Papadopoulos, Elisa Reinhold

6. Differences in Human Capital and Openness to Trade as Barriers to Growth and Convergence in the EU
Marta C. N. Simões, João A. S. Andrade, Adelaide P. S. Duarte

7. Has the Euro Any Future Under Secular Stagnation?
Francisco Louçã

Part II. A Monetary Union Relying on Fiscal Policy Coordination: Achievements, Shortcomings and Future Perspectives

8. European Monetary Union: Political Motivation
Luís Máximo dos Santos

9. The Great Recession of 2012–2014: The Monetary Union Challenged by National Egoisms
Pierre-Alain Muet

10. The Fiscal Compact and the Excessive Deficit Procedure: Relics of Bygone Times?
Ansgar Belke

11. A Conceptual Framework for Reforms Versus Debt in the Context of a Fiscal Union Within the European Monetary Union
Yannis M. Ioannides

12. Sovereign Debt Restructuring in a Monetary Union: The Case of the Euro Area Member States
Sérgio Gonçalves Cabo

Part III. New Perspectives for Macroeconomic Stabilizers in the European Union

13. The Crisis Management of the ECB
Fritz Breuss

14. The Unconventional Monetary Policy of the ECB and the International Economic and Financial Crisis: Effectiveness Versus Exhaustion
António Mendonça

15. The Eurozone’s Private and Governmental Shock Absorbers: Current Setup and Future Prospects
Nazaré Costa Cabral

16. The European Banking Union and the Economic and Monetary Union: The Puzzle Is Yet to Be Completed
Nuno Cunha Rodrigues, José Renato Gonçalves

17. The (Future) European Unemployment Insurance and Its Role as an Automatic Stabiliser
Miroslav Beblavý, Karolien Lenaerts, Ilaria Maselli

Part IV. A Budgetary Union as a Way-out of the EMU Crisis: Is It Possible?

18. Achieving Accountable Governance and Structural Reforms: Lessons from the Crisis in Europe
Ehtisham Ahmad, Giorgio Brosio

19. The Financing of the European Union Budget
Herman Matthijs

20. Toward a Closer Union in Europe: Elusive Mirage or Reality Within Grasp?
George Kopits

21. The Scope for a Budgetary Union in the European Monetary Union
Oscar Bajo-Rubio, Carmen Díaz-Roldán

Keywords: Economics, Macroeconomics/Monetary Economics//Financial Economics, European Integration, Capital Markets, European Law, Public Finance, Banking