Working Paper: NBER ID: w18672
Authors: Martin Feldstein
Abstract: This paper examines the sources of current conflict within the EU and the EMU. The topics discussed include the recent ECB policy of bond buying (the OMT policy), the attempts to advance the "European Project" of stronger political union (the fiscal compact, the banking union, and the proposals for budget supervision). Contrary to the claims of the European leadership, the progress that has been made has been by individual countries and not by coordinated action. The special problems of France and Britain are also discussed.
Keywords: No keywords provided
JEL Codes: F0; F02; F15; F3; F4; F5
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Germany's actions (N44) | willingness of Greece, Spain, and Italy to accept aid (F35) |
| ECB intervention (E52) | lower interest rates in Spain and Italy (E43) |