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The Euro: Past Successes And New Challenges

Author

Listed:
  • Marco Buti

    (Directorate General for Economic and Financial Affairs, European Commission, Marco.Buti@ec.europa.eu)

  • Paul van den Noord

    (Directorate General for Economic and Financial Affairs, European Commission, Paul.VANDENNOORD@ec.europa.eu)

Abstract

The successes of the first decade of European Economic and Monetary Union are impressive, but it is fair to stress these were achieved in a relatively benign economic environment characterised by steady global growth, supportive financial conditions and fiscal windfalls associated with booms in asset markets. Although all this has come to an abrupt end with the financial crisis, there is a silver lining of fiscal stimulus being more effective in EMU than without the single currency, with offsetting exchange rate responses absent, trade multipliers stronger and the fiscal framework credible. But the financial crisis also clearly demonstrated the need for stronger coordination of national policy actions to internalise crossborder spillovers. Meanwhile, the European Commission has a major role to play in striking the right balance between short-term emergency measures and longer-term priorities. Against this backdrop, this article sheds light on the longerrun challenges and the policy agenda for meeting them.

Suggested Citation

  • Marco Buti & Paul van den Noord, 2009. "The Euro: Past Successes And New Challenges," National Institute Economic Review, National Institute of Economic and Social Research, vol. 208(1), pages 68-85, April.
    • Handle: RePEc:sae:niesru:v:208:y:2009:i:1:p:68-85
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    Cited by:

    1. Regling, Klaus & Deroose, Servaas & Felke, Reinhard & Kutos, Paul, 2010. "The Euro After Its First Decade: Weathering the Financial Storm and Enlarging the Euro Area," ADBI Working Papers 205, Asian Development Bank Institute.
    2. Klaus Regling & Servaas Deroose & Reinhard Felke & Paul Kutos, 2010. "The Euro After Its First Decade : Weathering the Financial Storm and Enlarging the Euro Area," Governance Working Papers 22817, East Asian Bureau of Economic Research.
    3. Simona-Gabriela MAŞCA, 2011. "The State and the Economy – Theoretical Aspects and Empirical Evidence for the EU," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(5(558)), pages 17-44, May.

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