Integração financeira incompleta: zona Euro em xeque?

Abstract

Te adoption of a common currency in several countries entails several benefits and costs due to the loss of economic policy instruments. The architecture of the Euro revealed some structural weaknesses and debilities to enhance all benefits and minimize costs, has could be seen in the current sovereign debt crisis in some countries of the Eurozone. For the absence of a stronger coordination in fiscal and budget policies, it has been added the lack of common mechanisms for supervision and bank resolution, allowing the spread of the crisis to the financial sector and subsequently to the rest of the economy. This article presents evidence of these interactions and discusses possible answers of European policymakers to solve this crisis and build a stronger and more prosperous Economic and Monetary Union in Europe.