Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/109047
Authors: 
Arghyrou, Michael G
Year of Publication: 
2014
Series/Report no.: 
Cardiff Economics Working Papers E2014/16
Abstract: 
We use a macro-theory framework of analysis to assess Greek economic policy, with emphasis on the current period of the Greek debt crisis. We argue that this is mainly the result of misguided past internal policies deviating substantially from the policy lessons of modern macroeconomics. The current policy, however, is consistent with mainstream macro and provides a credible platform for achieving sustainable growth. We argue that Greece has entered the process of economic recovery, but this is still fragile and exposed to risks. Overall, we support the continued participation of Greece to the euro: Although a country's currency is not per se a determinant of long-term economic prosperity, supply-side reforms and institutional performance are; and both these objectives are better served for Greece within the EMU rather than outside.
Subjects: 
Macroeconomics
Greece
euro
JEL: 
B22
E00
F4
Document Type: 
Working Paper

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