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Citation

McIntosh B & Ferretti F (2015) Pandora box: The eurozone and the euro crisis. Cogent Economics and Finance, 3 (1), Art. No.: 1092860. https://doi.org/10.1080/23322039.2015.1092860

Abstract
The global economy has experienced considerable turbulence since 2007.The financial crisis has been viewed as the trigger for a prolonged period of economic decline. This decline remains an issue for all member states of the European Union, the eurozone and beyond. We argue genesis of this crisis lies in the integration negotiations of 1991, ratified in 1992. These produced a flawed economic model within the eurozone. Given the seeds of decay were planted at origin; we argue the solution can be found through a reconstructed eurozone via looser integration,where countries less equipped to deal with the realities of closer integration will be economically independent.

Keywords
currency union; current account surpluses; euro; eurozone; financial crisis; public finances

Journal
Cogent Economics and Finance: Volume 3, Issue 1

• Pandora box: The eurozone and the euro crisis