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Economic and Monetary Union – Current Fiscal Disturbances and the Future

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  • Sławomir Bukowski

Abstract

At the moment of its setting up the Economic and Monetary Union did not meet the criteria of the optimum currency area. Neither does it today. The crisis of public finance in the eurozone results from the abandonment public finance reforms, lack of consistency in enforcing the decision of the Stability and Growth Pact and, additionally, economic recession and financial crisis. Further functioning of the eurozone will depend on radical reforms of public finance and structural reforms enhancing efficiency of the market as an adjustment mechanism, and competitiveness of economies. The very establishment of the European Stabilization Mechanism and European Financial Stability cannot make up for the above mentioned necessary undertakings. It is important to change the socioeconomic model existing in the EU member countries. Copyright International Atlantic Economic Society 2011

Suggested Citation

  • Sławomir Bukowski, 2011. "Economic and Monetary Union – Current Fiscal Disturbances and the Future," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 17(3), pages 274-287, August.
    • Handle: RePEc:kap:iaecre:v:17:y:2011:i:3:p:274-287:10.1007/s11294-011-9310-7
    DOI: 10.1007/s11294-011-9310-7
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    3. Ioana Laura Valeanu, 2012. "Challenges Of The Economic And Monetary Union In The Context Of The Economic Crisis," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(4), pages 866-877, December.

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    More about this item

    Keywords

    Monetary union; OCA criteria; Fiscal policy; Monetary policy; Recession; Sovereign debt; Public debt; Fiscal destabilization; F33; F36;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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