La Crisis del Euro en Perspectiva (Euro Crisis in Perspective)

Revista de Economía Institucional, Vol. 19, No. 36, 2017

33 Pages Posted: 26 May 2017

See all articles by Francesco Bogliacino

Francesco Bogliacino

National University of Colombia

Dario Guarascio

Istituto Nazionale per l’Analisi delle Politiche Pubbliche (INAPP)

Date Written: May 23, 2017

Abstract

Spanish Abstract: Este artículo analiza la integración monetaria europea, los determinantes estructurales y los elementos disfuncionales de las instituciones de la Unión. Además, revisa dos lecturas que fallan al interpretar los acontecimientos: una interpretación ideológica que ve en la integración un proceso de convergencia que no se debe interferir, y una visión idealista que sostiene que la integración debe prevalecer sobre toda contradicción generada a nivel institucional. Su combinación sirvió para justificar las intervenciones poscrisis (la austeridad) y la construcción institucional posterior, que agravaron la inestabilidad macroeconómica en Europa.

English Abstract: In this article we analyze the process of monetary integration in Europe, identifying the structural determinants and the dysfunctional elements in the institutions of the European Union. Secondly, we explain two prevailing discourses that fail in interpreting the events: on the one hand, a purely ideological position that see integration as a process of convergence that should not be interfered with; on the other hand, a purely idealist perspective, according to which the ideal of integration will prevail over any contradiction engendered by the institutional system. The combination of these two perspectives helped justify post crisis interventions (fiscal consolidation) and the institutional design that followed, which eventually aggravated the macroeconomic instability in the area.

Note: Downloadable document is in Spanish.

Keywords: Optimal Currency Area, Financial Crisis, Balance of Payment, Austerity, European Integration

Suggested Citation

Bogliacino, Francesco and Guarascio, Dario, La Crisis del Euro en Perspectiva (Euro Crisis in Perspective) (May 23, 2017). Revista de Economía Institucional, Vol. 19, No. 36, 2017, Available at SSRN: https://ssrn.com/abstract=2972812

Francesco Bogliacino (Contact Author)

National University of Colombia ( email )

Carrera 30 45-03
Bogota, None
Colombia

Dario Guarascio

Istituto Nazionale per l’Analisi delle Politiche Pubbliche (INAPP) ( email )

Corso d’Italia, 33
Roma, 00198
Italy

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