The financial education of the Eurozone

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Series Details Vol.40, No.2, February 2018, p123-143
Publication Date February 2018
ISSN 0703-6337
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'The Financial Education of the Eurozone' is both a story of global markets forcing political leaders to take unpalatable steps to reinforce their monetary union, and a dawning realization that if there is to be further integration it will have to come through reinforcing the interdependence of the euro area’s markets and banks.

This study examines the historical logic behind the establishment of the euro, shows how fiscal and monetary backstops took shape amid the market turmoil and explores the nascent effort to impose structural reform. Finally, it outlines how European-level supervision and regulation of banks and capital markets have significantly bolstered the currency union and urges further progress on these reforms as the best hope for further progress during the current populist moment.

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