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Political Economy of Liquidity: The European Economic and Monetary Union

  • Rainer MaseraEmail author
Chapter

Abstract

The European Economic and Monetary Union (EMU) is examined according to a network (complex-system) approach. Problems of idiosyncratic, endogenous and systemic risks are addressed. In this perspective, six economic paradoxes of the Euro zone are identified: inflation, liquidity, saving, de-leveraging, central bank balance sheet independence from domestic government debt, and bank capital. They are closely intertwined, but separately identifiable: a common thread is the fallacy of composition. All paradoxes defy current economic policies of EMU, which are critically assessed: suggested lines of an in-depth rethink are predicated by making reference to an enlarged macroprudential policy paradigm. Finally, the concept of liquidity in EMU is critically examined.

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Authors and Affiliations

  1. 1.Guglielmo Marconi UniversityRomeItaly

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