Abstract
ABSTRACT The major problem of Mercosur has been the lack of any policy coordination, which has resulted in periodic crises among member countries. It was thought that the Eurozone parts of the European Union represented a more mature institution, because member countries were willing to waive sovereignty over a major policy instrument (monetary policy), while maintaining independence over fiscal policy. The result of this, however, has led to even greater distortions than had there been no macroeconomic coordination at all.
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