Heine, Michael; Herr, Hansjörg - In: New challenges for the eurozone governance : joint …, (pp. 23-43). 2021
The COVID-19 crisis has the potential to lead to long-term stagnation in the European Monetary Union (EMU). Especially the following challenges can be identified: a lack of labour market institutions can lead to nominal wage cuts and deflation; the lack of a strong fiscal centre can lead to an...
