The Eurozone crisis: reasons, reforms and the way ahead

We know that countries had to meet the Maastricht criteria in order to be able to adopt the euro, and except for a few countries, they indeed managed to fulfill the criteria. But it has also been h ...

Auteur(s) :

Marie-José Rinaldi-Larribe

EDHEC Business School

We know that countries had to meet the Maastricht criteria in order to be able to adopt the euro, and except for a few countries, they indeed managed to fulfill the criteria. But it has also been highlighted in the literature that the eurozone countries did not necessarily fulfill the criteria set by the Optimum Currency Area theory. Nevertheless, business cycles have largely converged due to the existence of the Maastricht criteria until 2003-2004; after that date we start observing diverging trends across euro area members, which greatly explains the development of the financial and economic crisis in the area. This case presents the reasons for the Eurozone crisis, as well as reforms that were made. The question is now: is it enough? What is the way ahead for the eurozone?

Type : Etude de cas
Date : le 02/11/2016

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