Seminar organized by the
Center for European and International Affairs
in cooperation with the
Department of European Studies and International Relations
cceia of Nicosia
entitled
REVISITING MARTIN FELDSTEIN
EMU AND INTERNATIONAL CONFLICT
(Foreign Affairs, vol. 76, no. 6, Nov./Dec. 1997, pp. 60-73)
AND THE CASE OF CYPRUS
by
Andreas Theophanous
Professor of Political Economy
cceia of Nicosia
Wednesday, 3rd of April, 2013
18:15 – 19:30
Room: Main Conference Room, Main Building (2nd floor)
cceia of Nicosia
Seminar Coordinator: Giorgos Kentas
Abstract
REVISITING MARTIN FELDSTEIN
EMU AND INTERNATIONAL CONFLICT
(Foreign Affairs, vol. 76, no. 6, November/December 1997, pp. 60-73)
AND THE CASE OF CYPRUS
Feldstein had predicted strains in the EMU due to the different economic structures of the participating countries as well as of their objectives. The Eurozone debt crisis and the gap between the European North and the European South are indicative. The tragic case of Cyprus exemplifies the weaknesses and existing contradictions as well as the lack of the minimum level of solidarity necessary for such a project to succeed. Given the architecture of the Eurozone and the philosophy of the Troika it will be impossible for Cyprus to recover and return to growth within the Eurozone. The temporary exit from the Eurozone and the return to the pound seems to be the only pragmatic option.
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