Endogenous Eurozone Crisis: Deadlock or Chance for Development?
Keywords:
European Union, differentiated integration, public goods game, sovereign debt crisis, Eurozone, GreeceAbstract
Predominance of political stimuli over economic expediency during the creation and further enlargement of the eurozone has resulted in strong cyclic divergences in the currency union. In combination with structural differences, which existed prior to the introduction of the eurozone, they have made the currency union ex-tremely vulnerable to external shocks, which means that the sovereign debt crisis is endogenous by its nature. As the currency union represents the closest bond within the EU, crisis response in the eurozone determines the possibility of passing up to the next integration levelDOI: 10.17072/2218-1067-2016-1-5-18References
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