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- Publisher
- Addleton Academic Publishers
- Copyright
- © 2009 Addleton Academic Publishers
- ISSN
- 1842-3191
- eISSN
- 1938-212X
- Publisher site
- See Article on Publisher Site
Abstract
This article reviews Johnston (2016) and supplements it with theoretically based empirical research. The European Economic and Monetary Union (EMU) set up circumstances that economically were good for its low-inflation northwest European countries. The euro crisis is an integrated issue that is reliant on how the pre-crisis economic performance of the EMU North, reinforced by its repressive wage-setting entities, influenced that in the EMU South. Upon joining the monetary union, EMU’s member economies left behind their domestic exchange rates as adjustment mechanisms for current and capital account discrepancies, and such deficits increased relentlessly over time. JEL codes: E42; E52; F33; F16 Keywords: EMU; labor market; euro crisis; inflation; economic performance
Journal
Economics, Management, and Financial Markets – Addleton Academic Publishers
Published: Jan 1, 2017