Asymmetries as Sources of Conflict In A Monetary Union

MONETARY POLICIES IN A MONETARY UNION, Arestis & G. Zezza, eds., MacMillan 2007

17 Pages Posted: 12 Apr 2012

See all articles by Theodore Pelagidis

Theodore Pelagidis

University of Piraeus; Brookings Institution

Philip Arestis

University of Cambridge - Department of Land Economy; Universidad del País Vasco (UPV/EHU)

Georgios E. Chortareas

University of Athens - Faculty of Economics; University of Essex - Department of Accounting, Finance & Management; King's College London

Date Written: November 13, 2006

Abstract

We proceed as follows. Section 7.2 deals with the conflicts arising from the persisting asymmetry of demand shocks, possible unfavourable effects on trade and welfare, lack of national and supranational fiscal stabilizers, low mobility and flexibility of labour and shortage of money stocks for the peripheral countries. Section 7.3 discusses some problems relating to the removal of these obstacles and the pushing of the euro area to high levels of employment and economic activity. Alternative policies are also discussed. Section 7.4 summarizes and concludes.

Suggested Citation

Pelagidis, Theodore and Arestis, Philip and Chortareas, Georgios, Asymmetries as Sources of Conflict In A Monetary Union (November 13, 2006). MONETARY POLICIES IN A MONETARY UNION, Arestis & G. Zezza, eds., MacMillan 2007. Available at SSRN: https://ssrn.com/abstract=2039005

Theodore Pelagidis (Contact Author)

University of Piraeus ( email )

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Brookings Institution ( email )

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Philip Arestis

University of Cambridge - Department of Land Economy ( email )

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Cambridge, CB3 9EP
United Kingdom

Universidad del País Vasco (UPV/EHU)

Barrio Sarriena s/n
Leioa, Bizkaia 48940
Spain

Georgios Chortareas

University of Athens - Faculty of Economics ( email )

8 Pesmazoglou street
GR-10559 Athens
Greece
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+(30) 210 3689810 (Fax)

University of Essex - Department of Accounting, Finance & Management ( email )

Wivenhoe Park
Colchester CO4 3SQ
United Kingdom

King's College London ( email )

Strand
London, England WC2R 2LS
United Kingdom

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