Premium
European Monetary Integration with Benefit of Hindsight
Author(s) -
EICHENGREEN BARRY
Publication year - 2012
Publication title -
jcms: journal of common market studies
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.54
H-Index - 90
eISSN - 1468-5965
pISSN - 0021-9886
DOI - 10.1111/j.1468-5965.2011.02231.x
Subject(s) - hindsight bias , monetary hegemony , european union , european monetary union , economics , european integration , politics , monetary system , financial crisis , european monetary system , european debt crisis , monetary policy , international economics , keynesian economics , political economy , political science , law , psychology , cognitive psychology
The year 2009 saw a series of events celebrating the first decade of Europe's monetary union. Within a year, however, the eurozone descended into the most serious crisis in its short history. The question posed in this article is whether scholarly analysis of European monetary integration was deficient in ways that led observers to miss impending problems. The answer given here is that the standard analysis was broadly on the mark, although it missed the need for effective oversight of banking and financial systems at the level of the monetary union and underemphasized political economy considerations.