Seminar organized by the Center for European and International Affairs, in cooperation with the Department of European Studies and International Relations, University 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, University of Nicosia
Wednesday, 3 April 2013, 18:15–19:30
Main Conference Room, Main Building (2nd floor), University of Nicosia
Seminar Coordinator: Giorgos Kentas
Abstract
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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