Chari, V. V.Dovis, AlessandroKehoe, Patrick J.2017-02-032017-02-032017-09http://hdl.handle.net/10230/28047We offer a theoretically based narrative that attempts to account both for the formation of the European Monetary Union and the callenges it has faced. Lack of commitment to policy plays a central role in this narrative.application/pdfengThis is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.info:eu-repo/semantics/workingPaperMonetary UnionEurozone crisisEuropean Monetary UnionTime InconsistencyBailoutsLender of last resortinfo:eu-repo/semantics/openAccess