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    Krugman’s argument that the Eurozone is not an optimum currency area could easily be applied to the US

Krugman’s argument that the Eurozone is not an optimum currency area could easily be applied to the US

In a recent conference, the distinguished economist Paul Krugman repeated the oft-heard critique that the eurozone is not an optimal currency area. Waltraud Schelkle disagrees with this characterisation, and argues that no country or group of countries represents an optimal currency area – one region or country always loses out from a single monetary policy. But countries can use […]

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    Closer fiscal integration is unavoidable if the Eurozone is to survive

Closer fiscal integration is unavoidable if the Eurozone is to survive

The fundamental flaws of the European Monetary Union can only be overcome by a drastic change in macroeconomic policies, according to recent research carried out by Enrico Marelli and Marcello Signorelli. They argue that in the long run, radical reforms at the Eurozone level are needed if the monetary union is to survive, although it is still admissible to […]

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    The UK deal with the EU explained: what it says and what it means

The UK deal with the EU explained: what it says and what it means

After a gruelling two-day European Council summit which saw the UK renegotiation top even the migrant crisis on the agenda, David Cameron and EU leaders finally agreed on a deal on the evening of 19 February. The British PM has expressed his satisfaction with the result obtained and announced a date for the referendum, to be held on Thursday, 23 June. […]

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    A double bind: Cameron urges non-discrimination in one policy area, while wanting to discriminate in another

A double bind: Cameron urges non-discrimination in one policy area, while wanting to discriminate in another

The UK government has entered the final stages of its negotiations with the EU. The issues of immigration control and the refugee crisis seem to overshadow the debate. Yet, as Waltraud Schelkle points out, the “Dear Donald — Yours David” letter of Prime Minister Cameron to European Council President Tusk reveals that the other leading issue is financial integration in a European Union with […]

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    What a fair relationship between ‘euro ins’ and ‘euro outs’ could look like

What a fair relationship between ‘euro ins’ and ‘euro outs’ could look like

The relationship between Eurozone members and non-euro states has been cited by David Cameron as one of the key issues in his attempted renegotiation of the UK’s EU membership. Nicolai von Ondarza writes that while some actors have proposed stronger blocking powers for non-euro states, a far better arrangement would be to simply give these countries the power to […]

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Britain’s risky euro-out strategy

In his letter to Donald Tusk, David Cameron stressed the importance of Eurozone and non-Eurozone members being on an equal footing. Iain Begg argues that this request is problematic. Among the issues raised, he writes that it would be a mistake to think that the interests of the nine member states that are out of the Eurozone are closely aligned and that […]

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