Dr Michael G Arghyrou

Reader in Economics
D14, Aberconway Building, Colum Drive, Cardiff, CF10 3EU
+44 (0)29 208 75515

Michael is a graduate of the Athens University of Economics and Business (BSc in Economics, 1993), MSc (1994) and PhD (1998) degrees in Economics from the University of London, Queen Mary College. He joined Cardiff Business School in September 2005, having previously been a lecturer in Economics at Brunel University (1998-2005). He has been a senior lecturer since August 2008.

His main research areas are Macroeconomics and International Finance. He has published papers on the economics of the EMU, exchange rate determination, current account dynamics, real interest rate convergence, inflation, monetary policy, fiscal policy sustainability and Greek macroeconomic policy.

In a joint article published in February 2010, Michael and John Tsoukalas were the first to propose the creation of a two-currency EMU as a possible solution to the EMU sovereign-debt crisis. Their proposal has since received significant attention by policy-makers, academics and international media. In another joint article, now forthcoming for publication, Michael and John provided the first theoretical treatment of the EMU debt crisis. The predictions of their model receive strong empirical support in another article, jointly written by Michael and Alexandros Kontonikas.

Teaching profile

  • International Macroeconomics (PhD programme, Year 2)
  • International Finance (BSc, Year 3)
  • Economics of the European Union (BSc, Year 2)

Research interests

  • Economics of the EMU
  • Effects of the Euro on European national economies
  • The EMU and the Euro
  • Exchange rates
  • Fiscal policy
  • Greek economy
  • Interest rates and monetary policy
  • International finance
  • International portfolio diversification policy (fiscal and monetary)
  • Macroeconomics

Related news stories

Monday 31st May 2010

A two-currency European Monetary Union (EMU) might be the option of last resort to save the Eurozone from further destabilisation, academics from Cardiff Business School and Nottingham University have warned.


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Cardiff Business School,
Cardiff University,
Aberconway Building,
Colum Drive,
CF10 3EU
United Kingdom

Phone: +44(0)29 2087 6013
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