Crafts, N. F. R. (2014) What does the 1930s' experience tell us about the future of the Eurozone? JCMS: Journal of Common Market Studies, 52 (4). pp. 713-727. doi:10.1111/jcms.12145 ISSN 0021-9886.

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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, but it may be politically infeasible. However, it may be possible to underpin the euro with a ‘Bretton Woods Compromise’ that accepts some retreat from deep economic integration and provides greater policy space since exit entails risks of financial crisis that were not present 80 years ago.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Eurozone, Gold standard , State bankruptcy , Europe -- Economic integration
Journal or Publication Title:	JCMS: Journal of Common Market Studies
Publisher:	Blackwell Publishing
ISSN:	0021-9886
Official Date:	July 2014
Dates:	Date Event July 2014 Published 3 June 2014 Available 21 January 2014 Accepted
Volume:	52
Number:	4
Page Range:	pp. 713-727
DOI:	10.1111/jcms.12145
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access
Date of first compliant deposit:	17 August 2016
Date of first compliant Open Access:	17 August 2016

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