O EURO: MOEDA ÚNICA OU CURRENCY BOARD?

Abstract

In this article we ask why in the process of the formation of the common currency the necessary mechanisms were not incorporated in order to resolve crisis like this. Our hypothesis is that, contrary to what is often said, the euro has followed a model approaching that of the re-forced "Currency Board" more than a common currency in the strict sense of the word. Secondly we ask if the current eurozone could go beyond the currency board logic to transform in the common currency logic. In this sense we pose the question to what extend the current sovereign debt crisis will end up being a integration crisis or on the contrary a disintegration crisis of the euro. We try to identify the determining factors that can make cause one effect or another. The conclusion is that a path towards a European common currency will be a hard and uncertain one. We sustain that the advance towards a economic government of the euro needs a new momentum. It won't come from the present austerity plans. We think the reconstruction of the European project needs a new solidarity pact between all European countries. The integration of the youths must be the common objective to drive us a new momentum for the European politi-cal project.