Macroeconomics of the Eurozone

Paper Summary:

This paper discusses the character of the EU monetary and fiscal policy over the last 3 years. Particular mention is made of the unique arrangement that finds monetary policy resting with the EU central authority; and fiscal policy resting with each member state individually. While the EU has, at times, proven difficult to manage, on the whole it has been very successful at governing both a new economic model and a novel political structure without precedent.

From the Paper:

"The European Union (EU) has, since its inception, fostered much debate regarding its ultimate success at integrating the political viewpoints and cultures of its initial 15 member states, much less the ability to integrate economically on the back of a single currency. Yet, despite all the debate, the EU finds itself not only functioning but expanding: "European Union enlarges from 15 to 25 members and tries to write itself a first-ever European constitution" (Dale par.2). The EU as a political and economic model has its conception in the Maastricht Treaty of 1992 when a union of European states was formalized into the EU; however, the idea of a unified Europe has its roots in the period following World War II when a cohesive European Community was sought to aid in recovery (Harrop)."

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