Kevin O'Rourke: Optimal Currency Areas and Governance - The Challenge of Europe (2/8)

The video discusses the political economy of the European Monetary Union (EMU) and the European Union (EU), focusing on the challenges posed by monetary and political trilemmas. It highlights the institutional and governance issues within the EU, particularly the lack of a fiscal union and common banking regulations. The video also explores political dynamics and cleavages, emphasizing the democratic deficit and trust issues. Ireland's economic crisis is examined as a case study, illustrating the impact of austerity and banking collapse. The conclusion questions EMU's future and the need for political leadership.

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