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ABSTRACT. Relying on recent research (e.g. Johnston, 2016; Henning, 2017; Hall, 2017), we show that the economic advance of the euro zone requires identifying a superior economic stability among the members, wherein creditor economies employ the space applicable to them to maintain economic growth. Under monetary union, economies without export-sector assisting corporatist entities lost effectiveness compared with their corporatist neighbors, experienced incessantly escalating trade/current account deficits, and depended massively on global borrowing. Institutional strengths for wage coordination were important in the advance to the euro crisis, encompassing those that facilitate diverse types of skill formation and cutting edge key to the long-run growth forecasts of an economy.
JEL codes: E42; E52; F33; N1; O42

Keywords: sustainable; monetary union; Europe; economic growth

How to cite: Popescu, Gheorghe H., Cristina Alpopi, Mihaela Comanescu, and Florin Cristian Ciurlau (2017). “Through a Glass Darkly: The Political Foundations of Sustainable European Monetary Union,” Economics, Management, and Financial Markets 12(3): 70–75.

Received 29 November 2016 • Received in revised form 25 June 2017
Accepted 27 June 2017 • Available online 29 August 2017

doi:10.22381/EMFM12320175

GHEORGHE H. POPESCU
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Center for Applied Macroeconomic Analysis
at AAER, New York;
Dimitrie Cantemir Christian University, Bucharest
CRISTINA ALPOPI
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Bucharest University of Economic Studies
MIHAELA COMANESCU
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Bucharest University of Economic Studies
FLORIN CRISTIAN CIURLAU
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Dimitrie Cantemir Christian University, Bucharest

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