ELIAMEP’s Working paper no 6, by Giorgos Glynos, aims to examine the future of the Eurozone in the context of the current economic crisis and especially in the context of the Greek financial crisis. It expresses the view that the Greek financial crisis, despite the obvious responsibilities of the Greek governments, is also a crisis of the very system of the Eurozone. It ascertains that the coordination processes of the national financial policies, exclusively via the observance of the rules of the Stability and Growth Pact and the imposition of penalties for the countries that do not conform to the rules, do not sufficiently safeguard the stability of the Euro.
The paper proceeds to a brief and selective presentation of the past, the present and the challenges ahead in the future of the Euro. The main conclusion is that the point of equilibrium of the European political integration which led to the creation of EMU is pressed to move towards a positive direction with the creation and reliable function of the financial assistance mechanism.
Full text available in greek only.