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Euro Crisis And The Emu Institutional Reforms

Author

Listed:
  • Jaroslaw Kundera

    (University of Wroclaw, Poland)

Abstract

The main goal of this article is to find the answer for the question about the necessary reform to be undertaken in the EU to save the euro as a common cur-rency. The author envisages three scenarios of the euro area’s future development. In his opinion, the most probable one are the institutional reforms in the euro area. The essential element of the reform is to establish a proper mix between the ECB’ monetary policy and fiscal policies in the member states. All proposed steps against the euro crisis are mutually correlated: monetary integration requires stricter fiscal integration, fiscal integration requires banking union, but banking union is going to require some form of a political union. This way the debt crisis in the euro area may present an opportunity to renew the strength of the European institutions.

Suggested Citation

  • Jaroslaw Kundera, 2013. "Euro Crisis And The Emu Institutional Reforms," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 8(1), pages 7-31, March.
    • Handle: RePEc:pes:ierequ:v:8:y:2013:i:1:p:7-31
    DOI: 10.12775/EQUIL.2013.001
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    References listed on IDEAS

    as
    1. Mark Baimbridge & Brian Burkitt & Philip Whyman (ed.), 2000. "The Impact of the Euro," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37244-3, September.
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    More about this item

    Keywords

    crisis; EMU; institutions;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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