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P. Reichlin - The GIIPS Countries in the Great Recession: Was it a Failure of the Monetary Union?

Drawing from the debate between the “German” and the “Keynesian” views about the reason for the Euro Area slow recovery after the 2008 financial shock, I discuss different claims about why and if this is a consequence of the Monetary Union institutional failures, and investigate some key factors that are considered to be good predictors of the prolonged and deep recession involving peripheral Europe.

WP - The GIIPS Countries in the Great Recession.pdf320.65 KB