Is the European Monetary Union endangered on existence? An analysis of the state of the euro area in the context of the current economic and pandemic crisis 2008-2020

The thesis deals in particular with the debt crisis that has afflicted some euro area countries for more than 10 years. It concludes that the euro area is still not an optimal currency area, that there is no real convergence of the member states, and that the monetary policy pursued by the European central bank is proving ineffective in meeting the stated objectives. The ECB has not created any room for the next recession in a period of economic growth and has used every available monetary policy instrument and current economic knowledge does not offer many alternatives for it. Moreover, some over-indebted countries cannot even pursue an expansionary fiscal policy because of their obligations to the troika. Thus, under the pressure of over-indebtedness and the declining effectiveness of quantitative easing, which is artificially depressing government bond yields, Greece, Italy, Spain, and Portugal are once again at risk of being cut off from cheap financing for public deficits, but this time without the possibility of ECB intervention. The entire monetary union is thus in danger of collapsing.