title: The Slow Motion Train Crash of the Eurozone Monetary Alchemy
metadata.name: dc.contributor.author
metadata.value: Jovanović, Miroslav N.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2019-11-26T10:02:32Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2019-11-26T10:02:32Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2019-09
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Jovanovic, M. (2019) The Slow Motion Train Crash of the Eurozone Monetary Alchemy. St Petersburg University Journal of Economic Studies, vol. 35, issue 3, pp. 360–396.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu05.2019.303
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/16635
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: This article is about the potentially losing battle to save the Eurozone in the long term. The
  Eurozone, the greatest achievement of the European Union, is losing its glamor and is in danger
  of losing its appeal as the promise of perpetual prosperity for every participant faded away.
  The Eurozone architecture was created on the grounds that is almost designed to fail. Various
  policies such as quantitative easing did not help boost economic growth as the best remedy for
  economic troubles. Profound federalist-type reforms are necessary if the Eurozone is to have
  a longer-term future. Policymakers have at least two urgent tasks to save the Eurozone. The
  first is to relax budgetary rules and to change the mandate of the European Central Bank to
  add growth and employment to the low inflation policy objective. The second is to introduce
  belatedly federal instruments such as a common budget, automatic stabilizers (transfers),
  fiscal and banking unions, a system for orderly default, common bonds, and a disputesettlement
  mechanism. This is a tall order that faces strong political barriers. The dissolution
  of the Eurozone would not be the end of the world, and the European Union would return to
  where it was in 1992. Preparations for the post-Eurozone Europe are necessary.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: St Petersburg University Journal of Economic Studies;Volume 35; Issue 3
metadata.lang: -
metadata.name: dc.subject
metadata.value: eurozone
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: monetary integration
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: optimum currency area
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: quantitative easing
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: Cantillon effect
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: Troika
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: gold
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: breakup
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: The Slow Motion Train Crash of the Eurozone Monetary Alchemy
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 360-396.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/16635/1/360-396.pdf
resources.format: Adobe PDF
resources.size: 773,76 kB