Paul De Grauwe Economics Of Monetary Union Pdf 20

The current account deficits were the result of the problems that the European monetary union experienced in the early years of its existence. The problem with the Eurozone is not the problem of the current account deficit, but the problem of the exchange rate - the euro is overvalued by about 25% against the US dollar and -20% against the Japanese Yen.

This is the fundamental source of all problems in the Eurozone. The reason why the Eurozone is not out of the woods is that the European monetary union requires some kind of political union. But so far this political union has not been implemented. There are various versions of what a political union would look like. Some scholars propose an economic partnership among the countries that have some common interests, such as security, defence, and agriculture. The European Council has rejected that option for several reasons: it would be perceived as a threat to the sovereignty of the European Union, it would require many more years of experience with the euro and it would require new institutions to be established.

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