Publication

In this paper, the author argues that the eurozone sovereign debt crisis has led to reform forcing a 'germanization' of all eurozone peripheral economies (France included) as a prerequisite for financial solidarity. Should the reform process be completed, the eurozone would become a more powerful actor in the international monetary system (IMS) and its currency would be more attractive for international investors. However, he concludes, it is unclear whether this stronger eurozone would be a stabilizing or destabilizing force for the IMS.