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Jacques Mazier, Sebastian Valdecantos (2015) A multi-speed Europe: is it viable? A stock-flow consistent approach”, European Journal of Economics and Economic Policies: Intervention, vol. 12, n. 1, pp. 93-112
Abstract: Based on the hypothesis that states that the underlying cause of the crisis in the euro area is a combination of exchange-rate misalignments with uncoordinated wage policies, we explore different exchange-rate arrangements that may help to reduce imbalances between surplus and deficit countries. These alternative configurations of the eurozone, which imply abandoning the common currency to a greater or a lesser extent, are tested with a theoretical four-country stock-flow consistent model. We find that although the different alternatives of a multi-speed Europe vary in their stability and macroeconomic effects, in all cases they produce better results compared to the one that has been observed since the introduction of the euro.