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We discuss the main alternatives open to the Union, from its break-up to exit of some countries and radical changes in its institutional set-up. The pros and the cons of a possible exit are thus assessed with respect to these alternatives. The prospect of political and institutional changes that reinforce the existing structure, in particular with reference to solutions for overcoming its democratic deficit, are finally outlined.
Acocella, N. (2020), The European Economic and Monetary Union: an Institution at a Crossroads, Cambridge University Press: Cambridge, forthcoming.
Alesina, A., G. Tabellini and F. Trebbi (2017), “Is Europe an Optimal Political Area?”, Brookings Papers on Economic Activity, 48(1) Spring, 169-234.
Bagnai, A., B. Granville and C.A. Mongeau Ospina (2017), “Withdrawal of Italy from the Euro Area: Stochastic Simulations of a Structural Macroeconomic Model”, Economic Modelling, 64(C), 524-538.
Belke, A. and F. Verheyen (2013), “Doomsday for the Euro Area: Causes, Variants And Consequences of Breakup”, Rome Discussion Paper Series No. 13-11.
Bénassy-Quéré, A., X. Ragot and G. Wolff (2016), “Which Fiscal Union for the Euro Area?”, Notes du conseil d’analyse économique No. 29.
Bohl, M.T., P. Michaelis and P.L. Siklos (2016), “Austerity and Recovery: Exchange Rate Regime Choice, Economic Growth, and Financial Crises”, Economic Modelling, 53(C), 195-207.
Cette, G., J. Fernald and B. Mojon (2016), “The pre-Great Recession Slowdown in Productivity”, European Economic Review, 88(C), 3-20.
Cramme, O. and S.B. Hobolt (2015), Democratic Politics in a European Union under Stress, Oxford University Press: Oxford.
De Grauwe, P. (2009), Keynes' Savings Paradox, Fisher's Debt Deflation and the Banking Crisis, mimeo,
De Grauwe, P. (2011), “A less Punishing, more Forgiving Approach to the Debt Crisis in the Eurozone”, Ceps Policy Brief No. 230.
De, Grauwe P. (2017), “The Future of the Euro”, Lecture given at the University of Perugia, May 15.
Deo, S., P. Donovan and L. Hatheway (2011), Euro Break up – The Consequences, UBS Investment Research, 6th September.
de Wilde, P., A. Leupold and H. Schmidtke (2016), “Introduction: The Differentiated Politicisation of European Governance”, West European Politics, 39(1), 3-22
Dreyer, J.K. and P.A. Schmid (2016), “Growth Effects of EU and EZ Memberships: Empirical Findings from the first 15 Years of the Euro”, Economic Modelling, (67)October, 45-54
Eichengreen, B. (2010a), The Break Up of the Euro Area, in: A. Alesina, F. Giavazzi, (Eds), “Europe and the Euro”, University of Chicago Press: Chicago, pp. 11-51.
Eichengreen, B. (2010b), Europe’s Inevitable Haircut, Project Syndicate, December 9
European Commission (2017), Rome Declaration of the Leaders of 27 Member States and of the European Council, the European Parliament and the European Commission,
Feldstein, M. (2012), “An Optimistic Case for the Euro”, Project Syndicate, October 30.
Feldstein, M. (2017), “Lasciare l’euro? Ora è complicato (Leaving the euro? Now it is complicated)”, il Sole 24 ore, 27 April.
Follesdal, A. and S. Hix (2006), “Why there is a Democratic Deficit in the EU: A Response to Majone and Moravcksic”, Journal of Common Market Studies, 44(3), 533-562.
Gopinath, G., S. Kalemli-Ozcan, L. Karabarbounis and C. Villegas-Sanchez (2015), “Capital Allocation and Productivity in South Europe”, NBER Working Paper No. 21453.
Gros, D. (2017), “The Eurozone’s Hidden Strength”, Project Syndicate, June 2.
Guglielmi, A., J. Suárez, C. Signagni and M. Minenna (2017), Italy. Re-denomination Risk down as Time goes by, Mediobanca Securities, 19 January.
Hix, S. (2015), Democratizing a Macroeconomic Union in Europe, in: O. Cramme, S.B. Hobolt, (Eds), “Democratic Politics in a European Union under Stress”, Oxford University Press: Oxford.
Horn, G.A. and A. Watt (2017), “Wages and Nominal and Real Unit Labour Cost Differentials in EMU”, European Economy Discussion Paper No. 059.
Johnston, A. and A. Regan (2016), “European Monetary Integration and the Incompatibility of National Varieties of Capitalism”, Journal of Common Market Studies, 54(2), 318-336.
Majone, G. (2014), Rethinking the Union of Europe Post-Crisis: Has Integration Gone too Far?, Cambridge University Press: Cambridge, MA.
Malinen, T., P. Nyberg, H. Koskenkylä, E. Berghäll, I. Mellin, S. Miettinen, J. Ala-Peijari and S. Törnqvist (2017), “How to Leave the Eurozone: The Case of Finland”, mimeo.
Marelli, E. and M. Signorelli (2017), Europe and the Euro Integration. Crisis and Policies, Palgrave Macmillan: London.
Moravcsik, A. (2002), “In Defence of the ‘Democratic Deficit’: Reassessing Legitimacy in the European Union”, Journal of Common Market Studies, 40(4), 603-624.
Nicoli, F. (2017), “Democratic Legitimacy in the Era of Fiscal Integration”, Journal of European Integration, 39(4), 389-404.
Nordvig, J. (2014), The Fall of the Euro: Reinventing the Eurozone and the Future of Global Investing, Mc-Graw Hill: New York.
Pisani-Ferry, J. (2014), The Euro Crisis and its Aftermath, Oxford University Press: Oxford.
Ritzen J. and J. Haas (2016), “A Substainable Euro Area with Exit Options”, IZA Policy Paper No. 120.
Rodrik, D. (2015), The Future of European Democracy, in: L. van Middelaar, P. Van Parijs (Eds), “After the Storm. How to Save Democracy in Europe”, Lannoo Publ.: Tielt.
Sapir, J. (2017), L’euro, fonte strutturale di squilibrio, Vocidallestero, agosto 1.
Schelkle, W. (2006), “The Theory and Practice of Economic Governance in Emu Revisited: What Have we Learnt about Commitment and Credibility?”, Journal of Common Market Studies, 44(4), 669-85.
Schimmelfennig, F. and T. Winzen (2006), “Instrumental and Constitutional Differentiation in the European Union”, Journal of Common Market Studies, 52(2), 354-370.
Schmidt, V.A. (2009), “Re-Envisioning the European Union: Identity, Democracy, Economy”, Journal of Common Market Studies, 47(s1), 17-42.
Schmidt, V.A. (2013), “Democracy and Legitimacy in the European Union Revisited: Input, Output and ‘Throughput’”, Political Studies, 61(1), 2-22.
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