Crafts, N. F. R. (2013) What does the 1930s’ experience tell us about the future of the Eurozone? Working Paper. Coventry, UK: Department of Economics, University of Warwick. CAGE Online Working Paper Series, Volume 2013 (Number 142).

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Abstract

If the Eurozone follows the precedent of the 1930s, it will not survive. The attractions of escaping
from the gold standard then were massive and they point to a strategy of devalue and default for
today’s crisis countries. A fully-federal Europe with a banking union and a fiscal union is the best
solution to this problem but is politically infeasible. However, it may be possible to underpin the
Euro by a ‘Bretton-Woods compromise’ that accepts a retreat from some aspects of deep economic
integration since exit entails new risks of financial crisis that were not present eighty years ago.

Item Type:	Working or Discussion Paper (Working Paper)
Alternative Title:
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Eurozone , Monetary unions -- European Union countries, Gold standard -- European Union countries, Depressions -- 1929, European Union countries -- Politics and government -- 21st century
Series Name:	CAGE Online Working Paper Series
Publisher:	Department of Economics, University of Warwick
Place of Publication:	Coventry, UK
Official Date:	July 2013
Dates:	Date Event July 2013 Published
Date of first compliant deposit:	18 August 2016
Volume:	Volume 2013
Number:	Number 142
Number of Pages:	30
Institution:	University of Warwick
Status:	Not Peer Reviewed
Publication Status:	Published

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