000			01460cam a2200217 4500500
005			20250112052510.0
041			_afre
042			_adc
100	1	0	_aPessoa, Argentino _eauthor
245	0	0	_aThe Euro Zone Crisis: A Fable or merely Organizations without the Adequate Institutions?*
260			_c2017.
500			_a1
520			_aThis paper follows an institutional approach to the Euro Zone (EZ) crisis. So, prevailing explanations are criticized, and arguments for rejecting the officials’ belief in expansionary austerity are offered. The origins and implications of the most dangerous component of the crisis — the structural imbalance between core and periphery — are explained. But, instead of endorsing the view of the crisis as a localized problem that can be contained in the EZ periphery, the paper shows the systemic character of the crisis by exposing the negative externalities and the coordination failures which affect the entire EZ. Two strategies for solving those malfunctions are designed and the paper ends by offering “first best” and “second best” solutions to the EZ Crisis.
690			_a institutions
690			_a monetary union
690			_a Europe
690			_a Euro Zone
690			_a financial crisis
786	0		_nRevue d'économie politique | 127 | 1 | 2017-02-24 | p. 1-24 | 0373-2630
856	4	1	_uhttps://shs.cairn.info/journal-revue-d-economie-politique-2017-1-page-1?lang=en
999			_c206712 _d206712