| ID | 141114 |
| Title Proper | Euro |
| Other Title Information | irreversible or conditional? |
| Language | ENG |
| Author | Jones, Erik |
| Summary / Abstract (Note) | Europe’s monetary union changed fundamentally on 10 July 2015, when German Finance Minister Wolfgang Schäuble tabled a proposal for Greece to leave the euro, temporarily, while it sorted out its public finances and other related economic reforms.1 Until that moment, Europe’s monetary union had been a system of irreversibly fixed exchange rates. Once this proposal was made – by the powerful finance minister of the only country capable of carrying out the threat – membership of Europe’s fixed-exchange-rate regime became conditional. The euro is still a shared multinational currency with a common European Central Bank (ECB), and the European Union (EU) retains its institutions for coordinating macroeconomic policy across the eurozone. Nevertheless, the shift from ‘irreversible’ to ‘conditional’ was important. |
| `In' analytical Note | Survival : the IISS Quarterly Vol. 57, No.5; Oct/Nov 2015: p.29-46 |
| Journal Source | Survival Vol: 57 No 5 |
| Key Words | European Union ; Germany ; Greece ; Survival ; Geo-Economics ; Euro Crisis |