The Boiled-Egg Structure
Competence of
Core States
Two-Speed Europe
Political Integration
Serious Financial problems in Europe
“Greece Financial Crisis”
“Even spread to PIGS”
Many reasons:
1. Greece
- Clientalism
Populism
Tax evasion
- Industry
. Structural problems in EMU
- Monetary Policy & Fiscal Policy
- Supervision & Control
- Leadership & Decision making
Monetary Policy
- EMU’s authority
- Adapted to policies of core states
Fiscal Policy
- Within separate states
- Only way to control each state’s ecomony
☞ Monetary policy as exogenous condition
& Burden onto fiscal policy
☞ Gap between core states & weak states

분야