{"id":112420,"date":"2024-01-22T17:35:50","date_gmt":"2024-01-22T16:35:50","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/112420\/"},"modified":"2024-11-07T04:04:19","modified_gmt":"2024-11-07T03:04:19","slug":"mangelnde-europaeisierung-der-nationalen-konjunkturzyklen-als-risiko-fuer-den-euro-raum-2","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/","title":{"rendered":"Lack of Cyclical Convergence Puts Euro Area at Risk"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-112420","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"After 10 years of EMU and a largely positive outcome the global financial crisis will put the euro area to a serious test. Indeed, the euro and the political adjustment processes it entails have already led to the emergence of a European business cycle. As its perfect harmonisation has not yet been achieved and will remain an illusion, drastic events, such as the current shock of a financial crisis, force fiscal and monetary policy makers to react flexibly. Due to the lack of other mechanisms, such as fiscal federalism in the USA, to cushion severe shocks a more systematic coordination of all fields of economic policy and an enhanced cooperation between member countries and the ECB seem highly advisable. The problems resulting from the financial crisis will not be limited to the euro area, but will equally hit the UK, Switzerland and, above all, the USA. At the same time the euro has become ever more important as an instrument for the diversification of world foreign reserves and for this reason alone it is indispensable for the world economy. Admittedly, the current financial crisis has revealed some institutional shortcomings (the unresolved issue of the role of the \"lender of last resort\"; to what extent will the \"no bail-out rule\" be applied in an emergency). However, recent experience with the positive interplay of policy institutions has shown that despite various prophecies of doom the viability of the euro area is beyond doubt.","onlinedate":"2009-02-25 01:00:00","lang":"German","publication_series":"","publication_date":"20090201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Harmonisierung des Konjunkturzyklus W\u00e4hrungsunion Finanzkrise\"]","jelcodes":"[]","related_publications":"[]","pdf":332611,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"82","monthly_report_pages":"125-138","monthly_report_pages_sort":"125","issue":"2","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[3917],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Breuss, F.<\\\/span> (2009). <span>Mangelnde \\\"Europ\u00e4isierung\\\" der nationalen Konjunkturzyklen als Risiko f\u00fcr den Euro-Raum<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>82<\\\/em>(2), 125-138. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/35201\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/35201<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Breuss F<\\\/span>. <span class=\\\"title\\\"><span>Mangelnde \\\"Europ\u00e4isierung\\\" der nationalen Konjunkturzyklen als Risiko f\u00fcr den Euro-Raum<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2009 Feb;82(2):125-138.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{9fe3afa779244ddca9ad034366ef33df,<\\\/div><div>  title    = \\\"Mangelnde {\\\"}Europ{\\\\\\\"a}isierung{\\\"} der nationalen Konjunkturzyklen als Risiko f{\\\\\\\"u}r den Euro-Raum\\\",<\\\/div><div>  abstract = \\\"10 Jahre nach dem Inkrafttreten der WWU stellt die weltweite Finanzkrise den Euro-Raum auf eine Bew{\\\\\\\"a}hrungsprobe. Mangels anderer Mechanismen zur Abfederung des Schocks sind eine konsequente Koordination der Wirtschaftspolitik und eine st{\\\\\\\"a}rkere Zusammenarbeit zwischen den L{\\\\\\\"a}ndern des Euro-Raums und der EZB dringend geraten. Dies alles k{\\\\\\\"o}nnte zur notwendigen st{\\\\\\\"a}rkeren Harmonisierung des {\\\"}europ{\\\\\\\"a}ischen Konjunkturzyklus{\\\"} beitragen.\\\",<\\\/div><div>  keywords = \\\"Harmonisierung des Konjunkturzyklus W{\\\\\\\"a}hrungsunion Finanzkrise, Harmonisierung des Konjunkturzyklus W{\\\\\\\"a}hrungsunion Finanzkrise\\\",<\\\/div><div>  author   = \\\"Fritz Breuss\\\",<\\\/div><div>  note     = \\\"Europ{\\\\\\\"a}ischer Konjunkturzyklus\\\",<\\\/div><div>  year     = \\\"2009\\\",<\\\/div><div>  month    = feb,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"82\\\",<\\\/div><div>  pages    = \\\"125--138\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Mangelnde \\\"Europ\u00e4isierung\\\" der nationalen Konjunkturzyklen als Risiko f\u00fcr den Euro-Raum<\\\/p><p>AU  - Breuss, Fritz<\\\/p><p>N1  - Europ\u00e4ischer Konjunkturzyklus<\\\/p><p>PY  - 2009\\\/2<\\\/p><p>Y1  - 2009\\\/2<\\\/p><p>N2  - 10 Jahre nach dem Inkrafttreten der WWU stellt die weltweite Finanzkrise den Euro-Raum auf eine Bew\u00e4hrungsprobe. Mangels anderer Mechanismen zur Abfederung des Schocks sind eine konsequente Koordination der Wirtschaftspolitik und eine st\u00e4rkere Zusammenarbeit zwischen den L\u00e4ndern des Euro-Raums und der EZB dringend geraten. Dies alles k\u00f6nnte zur notwendigen st\u00e4rkeren Harmonisierung des \\\"europ\u00e4ischen Konjunkturzyklus\\\" beitragen.<\\\/p><p>AB  - 10 Jahre nach dem Inkrafttreten der WWU stellt die weltweite Finanzkrise den Euro-Raum auf eine Bew\u00e4hrungsprobe. Mangels anderer Mechanismen zur Abfederung des Schocks sind eine konsequente Koordination der Wirtschaftspolitik und eine st\u00e4rkere Zusammenarbeit zwischen den L\u00e4ndern des Euro-Raums und der EZB dringend geraten. Dies alles k\u00f6nnte zur notwendigen st\u00e4rkeren Harmonisierung des \\\"europ\u00e4ischen Konjunkturzyklus\\\" beitragen.<\\\/p><p>KW  - Harmonisierung des Konjunkturzyklus W\u00e4hrungsunion Finanzkrise<\\\/p><p>KW  - Harmonisierung des Konjunkturzyklus W\u00e4hrungsunion Finanzkrise<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 82<\\\/p><p>SP  - 125<\\\/p><p>EP  - 138<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lack of Cyclical Convergence Puts Euro Area at Risk - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lack of Cyclical Convergence Puts Euro Area at Risk\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:04:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/112420\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/112420\\\/\",\"name\":\"Lack of Cyclical Convergence Puts Euro Area at Risk - WIFO\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\"},\"datePublished\":\"2024-01-22T16:35:50+00:00\",\"dateModified\":\"2024-11-07T03:04:19+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/112420\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/112420\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/112420\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Startseite\",\"item\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lack of Cyclical Convergence Puts Euro Area at Risk\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\"},\"alternateName\":\"WIFO\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#organization\",\"name\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"alternateName\":\"WIFO\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"contentUrl\":\"https:\\\/\\\/www.wifo.ac.at\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/WIFO_kurz_rechts-2-1920x412.jpg\",\"width\":2000,\"height\":429,\"caption\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\"},\"image\":{\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/WIFOat\\\/\",\"https:\\\/\\\/x.com\\\/WIFOat\",\"https:\\\/\\\/linkedin.com\\\/company\\\/wifoat\\\/\",\"https:\\\/\\\/www.youtube.com\\\/@WIFO_at\"],\"description\":\"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.\",\"email\":\"office@wifo.ac.at\",\"telephone\":\"+43 1 798 26 01 \u2013 0\",\"legalName\":\"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung\",\"foundingDate\":\"1927-01-02\",\"numberOfEmployees\":{\"@type\":\"QuantitativeValue\",\"minValue\":\"51\",\"maxValue\":\"200\"},\"publishingPrinciples\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/mission-und-strategie\\\/\",\"ownershipFundingInfo\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/organisation\\\/\",\"actionableFeedbackPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/aktuelles\\\/presse\\\/\",\"correctionsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/kontakt\\\/\",\"ethicsPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/evidenzbasierung-transparenz-und-unabhaengigkeit\\\/\",\"diversityPolicy\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\",\"diversityStaffingReport\":\"https:\\\/\\\/www.wifo.ac.at\\\/institut\\\/gleichstellung\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Lack of Cyclical Convergence Puts Euro Area at Risk - WIFO","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/","og_locale":"en_US","og_type":"article","og_title":"Lack of Cyclical Convergence Puts Euro Area at Risk","og_url":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/","og_site_name":"WIFO","article_publisher":"https:\/\/www.facebook.com\/WIFOat\/","article_modified_time":"2024-11-07T03:04:19+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@WIFOat","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/","url":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/","name":"Lack of Cyclical Convergence Puts Euro Area at Risk - WIFO","isPartOf":{"@id":"https:\/\/www.wifo.ac.at\/en\/#website"},"datePublished":"2024-01-22T16:35:50+00:00","dateModified":"2024-11-07T03:04:19+00:00","breadcrumb":{"@id":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.wifo.ac.at\/en\/publication\/112420\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.wifo.ac.at\/en\/publication\/112420\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Startseite","item":"https:\/\/www.wifo.ac.at\/en\/"},{"@type":"ListItem","position":2,"name":"Lack of Cyclical Convergence Puts Euro Area at Risk"}]},{"@type":"WebSite","@id":"https:\/\/www.wifo.ac.at\/en\/#website","url":"https:\/\/www.wifo.ac.at\/en\/","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","description":"","publisher":{"@id":"https:\/\/www.wifo.ac.at\/en\/#organization"},"alternateName":"WIFO","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.wifo.ac.at\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.wifo.ac.at\/en\/#organization","name":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","alternateName":"WIFO","url":"https:\/\/www.wifo.ac.at\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","contentUrl":"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO_kurz_rechts-2-1920x412.jpg","width":2000,"height":429,"caption":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung"},"image":{"@id":"https:\/\/www.wifo.ac.at\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/WIFOat\/","https:\/\/x.com\/WIFOat","https:\/\/linkedin.com\/company\/wifoat\/","https:\/\/www.youtube.com\/@WIFO_at"],"description":"Das WIFO, 1927 von Friedrich August von Hayek und Ludwig von Mises zur Konjunkturanalyse gegr\u00fcndet, ist heute das f\u00fchrende Institut f\u00fcr angewandte empirische Wirtschaftsforschung in \u00d6sterreich mit starkem Engagement auf europ\u00e4ischer Ebene.","email":"office@wifo.ac.at","telephone":"+43 1 798 26 01 \u2013 0","legalName":"\u00d6sterreichisches Institut f\u00fcr Wirtschaftsforschung","foundingDate":"1927-01-02","numberOfEmployees":{"@type":"QuantitativeValue","minValue":"51","maxValue":"200"},"publishingPrinciples":"https:\/\/www.wifo.ac.at\/institut\/mission-und-strategie\/","ownershipFundingInfo":"https:\/\/www.wifo.ac.at\/institut\/organisation\/","actionableFeedbackPolicy":"https:\/\/www.wifo.ac.at\/aktuelles\/presse\/","correctionsPolicy":"https:\/\/www.wifo.ac.at\/institut\/kontakt\/","ethicsPolicy":"https:\/\/www.wifo.ac.at\/institut\/evidenzbasierung-transparenz-und-unabhaengigkeit\/","diversityPolicy":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/","diversityStaffingReport":"https:\/\/www.wifo.ac.at\/institut\/gleichstellung\/"}]}},"_links":{"self":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/112420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication"}],"about":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/types\/publication"}],"version-history":[{"count":1,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/112420\/revisions"}],"predecessor-version":[{"id":332601,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication\/112420\/revisions\/332601"}],"acf:post":[{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/person\/3917"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/research_group\/3500"},{"embeddable":true,"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/publication_type\/44312"}],"wp:attachment":[{"href":"https:\/\/www.wifo.ac.at\/en\/wp-json\/wp\/v2\/media?parent=112420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}