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This presentation was presented by Professor Briguglio, who was invited to conduct a public seminar at the University Putra of Malaysia (UPM) at Kuala Lumpur on the Euro Crisis. ; This presentation focuses on the EU History and Institutions, the European Monetary Union, the Stability and Growth Pact and the Euro Crisis. ; N/A

Can the Euro Survive After the European Crisis? P.Arestis & M.Sawyer The European Financial and Economic Crisis: Alternative Solutions from a (Post) Keynesian Perspective-- E.Hein &T.van Treeck Debt Sustainability Revisited-- Y.Monogios & P.Korliras Greece's Sudden Faltering Economy: From Boom to Bust with Special Reference to the Debt Problem-- E.Desli & T.Pelagidis The Irish Tragedy-- Y.Kitromilides Portugal's Best Way Out of Economic Stagnation: Institutional Reform of the Eurozone-- P.Leao & A.Palacio-Vera The Economic Crisis in Spain: Contagion Effects and Distinctive Factors-- J.Ferreiro & F.Serrano

The Crisis in the Euro Zone threatens to break up the Euro and perhaps derail the European Union itself. Many argue that a Member State exiting the Euro would be not only unthinkable, but also a practical impossibility, given the status of the "constitutionality" of European law, the treaties forming the European Union and the Euro, and customary European law. Europeans have been, for centuries, very creative in forging economic and trading alliances—some that appeared to be political alliances and even elementary union. They have also, on more than one occasion, attempted to confect monetary stability. Some of these attempts were successful for long periods, while the monetary bits have often not been so successful. This article explores the proposition that a unilateral exit, an expulsion of a member, a breakup of the European Monetary Union (EMU), or even a breakup of the European Union itself is possible under international law. Indeed, some or a combination of the foregoing may transpire. Some consider such an action impossible inasmuch as Member States have relinquished their sovereignty. It can, however, be argued that a Member State can either withdraw or be ejected from the EMU under existing law.

The International Papers in Political Economy (IPPE) series explores the latest developments in political economy. This eighth volume focuses on the financial crisis currently gripping the eurozone, examining the root causes and outcomes and the uncertain future of the euro. The volume provides an overview of the crisis and its possible solutions, with a sharp focus on debt sustainability. Individual countries are also analysed in great depth, with four more detailed studies of the economic climate in Portugal, Ireland, Spain and Greece, exploring the implications of the crisis for economic policies of these countries.

Now that time has passed since the introduction of the euro as a commercial currency, it is possible to assess many arguments made in the abstract during the 1990s about European monetary union. This article shows that the euro zone still falls short as an optimal currency area in most respects. In particular, it undertakes an empirical analysis of the labour market and finds no progress toward flexibility or integration. These results challenge assertions of 'endogenous currency area' proponents that the euro area would become optimal 'after the fact', and that labour markets would serve as the principal avenue of adjustment. Instead, a 'rigidity trap' has developed in the euro area, consisting of relatively tight monetary policy, forced fiscal consolidation, and a risk of deflation in some economies. These conditions have compounded the difficulties of structural adjustment in European labour markets.