In this paper, we discuss the limits of the architecture of the euro from an economic point of view We first highlight how the choice to create a monetary union was not supported by the accepted theory of optimal currency areas, and how its institutional set-up responded to a special and questionable view of the functioning of the economy, which recognized only a limited role to active macroeconomic policies We continue by reconstructing the reasons for the emergence of the 2010–2011 debt crisis that can be traced back to the dynamics triggered by the single currency itself, and we highlight the role played by structural differences between various models of capitalism Finally, we argue that the proposals currently on the table are by no means sufficient to correct the flaws in the European monetary architecture The prospects are therefore pessimistic about the possibility of monetary union evolving towards a fiscal and political union

中文翻译：

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从货币到财政再到政治联盟：一体化的进步还是失败的秘诀？

在本文中，我们从经济的角度讨论了欧元架构的局限性 我们首先强调了创建货币联盟的选择如何不受公认的最优货币区理论的支持，以及它的制度设置如何对经济运行的特殊和有问题的看法做出回应，这种看法只承认积极的宏观经济政策的作用有限 我们继续重构 2010-2011 年债务危机出现的原因，该危机可以追溯到单一货币本身，我们强调了各种资本主义模式之间的结构差异所发挥的作用最后，我们认为，目前摆在桌面上的提案并不足以纠正欧洲货币架构中的缺陷 因此，对于货币联盟向财政和政治联盟发展的可能性感到悲观