| Publication |
2013.
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| Summary/Abstract |
THE CURRENT CRISIS of the Economic and Monetary Union (EMU) is traditionally described as an illustration of the fact that the euro area was caught unprepared for such a high degree of integration. The crisis of financial markets, which began in 2007, has no doubt exposed systemic problems of monetary integration in the EU. Their essence is the weakness of the scheme under which countries are deprived of monetary tools to influence the economy by seceding them to the supranational level, but keep almost complete freedom of action in the macroeconomic sphere (particularly in fiscal policy, in determining the value of labor power, in the social security system). The current crisis also shows that to retain the achieved level of integration is possible only by deepening cooperation and forfeiting another portion of sovereign rights.
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