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Corresponding Author:
Nicola Acocella, University La Sapienza, Department of Public Economics, Rome, Italy

The Future of the European Union

(pp. 135-162)
JEL classification: F45, F55, H62, H63, H77
Keywords: EMU, Exit, Break-up, Many-speed Union, Reforms


Optimistic views prevailed in the EMU after a decade since its establishment. However, it was not realized that the shaky institutional foundations of the Eurozone (EZ) would soon lead to sustained ‘homegrown’ instability. The EMU is now at a crossroads. Several differences divide the various countries and make amendments to its institutions very difficult to implement.

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Institute for International Economics
of the Genoa Chamber of Commerce

Istituto di Economia Internazionale
Camera di Commercio di Genova
Via Garibaldi, 4 (III piano) - 16124 Genova (Italy)