Abstract:Abstract:The 'great recession' has highlighted a range of problems with the 'euro project', but these problems and difficulties are related to some fundamental weaknesses of the euro. The convergence criteria established by the Maastricht Treaty focused on nominal rather than real variables, failed to relate to issues such as current account positions. There are wellknown difficulties of macroeconomic policies under the Stability and Growth Pact including its deflationary nature and the 'one size fits all prob… Show more
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