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Faculty of Economics

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Corsetti, G.

Roots of the Eurozone crisis: incomplete development and imperfect credibility of institutions

Geneva Reports on the World Economy

Vol. 2015(September) pp. 85-98 (2015)

Abstract: At the birth of the euro, the fiscal, financial, and monetary institutions of the monetary union were not sufficiently developed. This chapter describes these inefficiencies and the role they played in the Eurozone crisis. Instability in the Eurozone grew out of a disruptive deadlock between national governments forced to address and correct fundamental weaknesses in their national economies on their own, and the EZ-level policymaking. The future of the Eurozone therefore rests on developing an institutional framework that can credibly deliver stability at the EZ level.

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