4Lecturesonthe€uropeancrisis.pptVIP

The €uropean crisis and monetary policy;Index;I) Origin of the crisis;Optimal currency areas;Barba De Vivo: federal budget irrelevant in the Eurozone (EZ);Is a federal Europe possible?;The influence of standard theory (Barro § Gordon, Kydland and Prescot, Giavazzi and Pagano);Prescent analyses;What happened? There is a consuensus view now (although in my opinion some economists like DE Grauwe create confusion);disappearance of devalution risk + financial liberalisation. Interest rates on long-term treasuries affect also credit conditionsSource: /content/eurozone-crisis-consensus-view-ca