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The Eurozone is at a crossroads. Its neoliberal and ordoliberal construction proved to be unworkable and, after the crisis, made the macroeconomic adjustment slow and costly – causing financial and real divergence among the member countries. Kolodko’s writings offer interesting insights. This article considers Kolodko’s study of Poland and Greece and adds two other paradigmatic cases, those of Germany and Italy. Kolodko’s case studies and criticism of neoliberalism lead him to propose a New Pragmatism in policy making. This proposal offers important insights, but neglects two fundamental problems: moral hazard and institutional differences. These have to be included in the New Pragmatism to give this the strength and ability to contribute to solve the Eurozone problems.

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Currency, Two Europes: Towards a Dual Eurozone . Singapore : World Scientific Publishing . De Grauwe , P. ( 2010 ): Crisis in the Eurozone and How to Deal with It . CEPS

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Exchange Rate Regimes . Society and Economy 35 ( 2 ): 141 – 165 . Belka , M. ( 2014 ): Poland's Eurozone Tests, Project Syndicate, 07.02.2014 . Belka

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Payment systems make a significant contribution to the flow of transactions and financial stability. In this paper, we start by applying the principles of the gravity model to explain the TARGET flows of banking transactions between Portugal and other eurozone countries. The main explanatory variables tested are a composite indicator of economic and financial activities, distance, membership of the Eurozone (EZ), and country risk measured by treasury bond yields. The results indicate that Portugal has a high level of integration in the European banking market as distance is not statistically significant, and that the membership of the EZ facilitates the financing of the economy. The economic size of the partner country becomes non-significant after controlling for country fixed effects. The increase in the Portuguese country risk during the European sovereign debt crisis led to a marked decline in external financing, indicating that this is an important channel of transmission of crises.

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The protracted sovereign debt crisis within the Eurozone has given rise to new policy questions. In a paradoxical way, the dilemmas confronting the contemporary EU/EMU reformers are similar to those which Socialist planners faced 30–40 years ago. This will be illustrated by two examples: the inherent contradictions of ex ante coordination, and the difficulties in hardening the soft budget constraint mechanism. Deep and far-reaching reforms are not possible without a consensus among those experts who have the ear of the elected leaders. This condition is not fulfilled today, due to the lack of consensus on the diagnosis.

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. Working Paper 2007 Quah, C.H. (2012a): Is East Asia as Prepared as Eurozone for Monetary Union? Journal of Business

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identify periods of restrictive versus expansionary economic policies in the Eurozone (EZ) in the context of policy-mix coordination, the nature of these policies and their mutual impact on the economy. Secondly, we want to contribute to the clarification

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de Grauwe, P. (2011): Managing a Fragile Eurozone. CESifo Forum , 2: 40–45. Grauwe P. Managing a Fragile Eurozone CESifo Forum

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integration and discusses their legal and political feasibility. Telò (2017) and Ling (2017) probe the nuances. Fabbrini (2019) proposes the decoupling and reforming of the EU, separating the economic community of the single market, and a Eurozone

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. BBC News ( 2012 ): Eurozone Finance Ministers Agree Deal on Greece Bailout . BBC World News. http://www.bbc.com/news/business-20506251 . Benczes , I

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