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- W2116722615 abstract "This chapter investigates the phenomenon of persistent macroeconomic divergence that has occurred across the Euro area in the fragile macroeconomic environment of recent years. Optimal currency area theory would point toward asymmetric shocks and structural factors as the foremost candidate causes. The alternative hypothesis pursued here focuses on the working of the Maastricht regime itself, highlighting that the regime features powerful built-in de-stabilizers that foster divergence as well as instability. Supposed adjustment mechanisms have turned out to actually undermine the operation of the currency union by making it ever less ‘optimal’, that is, less subjectable to a ‘one-size-fits-all’ monetary policy and common nominal exchange rate in view of the resulting business cycle de-synchronization and related build-up of financial imbalances." @default.
- W2116722615 created "2016-06-24" @default.
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- W2116722615 date "2007-01-01" @default.
- W2116722615 modified "2023-10-18" @default.
- W2116722615 title "How the Maastricht Regime Fosters Divergence as Well as Instability" @default.
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- W2116722615 doi "https://doi.org/10.1057/9780230627345_11" @default.
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