<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422015000600024</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.05.002</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[La arquitectura de la eurozona y la crisis de su periferia]]></article-title>
<article-title xml:lang="en"><![CDATA[The Eurozone's architecture and the crisis of its periphery]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cuevas Ahumada]]></surname>
<given-names><![CDATA[Víctor Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,Universidad Autónoma Metropolitana Unidad Azcapotzalco ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>60</volume>
<fpage>24</fpage>
<lpage>53</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422015000600024&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422015000600024&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422015000600024&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Este trabajo analiza las causas de la crisis económica de la periferia de la eurozona y propone medidas orientadas tanto a recuperar el crecimiento económico en el corto plazo como a hacerlo sostenible en el largo plazo. Las medidas de reactivación económica y las reformas estructurales propuestas parten de un estudio de las vulnerabilidades que el diseño institucional de la eurozona generó y la crisis financiera de EE. UU. exacerbó. Como podrá verse, la inconsistencia entre la arquitectura de la eurozona y las características económicas de algunas naciones participantes fue responsable de los desequilibrios fiscales y los diferenciales de competitividad que imperan en la región. Las dificultades para desvalorizar la deuda pública y recuperar el equilibrio fiscal, así como el proceso deflacionario en curso, han sido asimismo consecuencia de la adopción de la moneda única y de los cambios en la política macroeconómica asociados a esta. En este contexto, se plantean modificaciones al marco institucional de la eurozona que repercutirían positivamente en la competitividad internacional, las finanzas públicas y la salud de las instituciones financieras.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[This research analyses the underlying causes of the Eurozone periphery's economic crisis and suggests an economic policy package not only to restore short-term economic growth, but also to make it sustainable in the long term. Policy recommendations to strengthen economic growth and speed up structural reforms are based on an in-depth examination of the vulnerabilities created by the Eurozone's institutional design and aggravated by the recent US financial crisis. As shall be shown, the inconsistency between the Eurozone's architecture and the economic features of some participating nations was responsible for the noticeable fiscal imbalances and international competitiveness differentials within the region. The difficulties to bring down the public debt value and to improve the fiscal performance in the Eurozone's periphery, in addition to the undergoing deflationary process, have also resulted from the introduction of the common currency and the macroeconomic policy changes brought about by it. In this perspective, important changes are suggested to the Eurozone's institutional framework in order to positively affect international competitiveness, government finances and the health of financial institutions.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Eurozone]]></kwd>
<kwd lng="en"><![CDATA[Economic crisis]]></kwd>
<kwd lng="en"><![CDATA[Competitiveness]]></kwd>
<kwd lng="en"><![CDATA[Debt]]></kwd>
<kwd lng="en"><![CDATA[Structural reforms]]></kwd>
<kwd lng="es"><![CDATA[Eurozona]]></kwd>
<kwd lng="es"><![CDATA[Crisis económica]]></kwd>
<kwd lng="es"><![CDATA[Competitividad]]></kwd>
<kwd lng="es"><![CDATA[Deuda]]></kwd>
<kwd lng="es"><![CDATA[Reformas estructurales]]></kwd>
</kwd-group>
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