IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-030-62372-2_6.html
   My bibliography  Save this book chapter

Searching for a New Balance for the Eurozone Governance in the Aftermath of the Coronavirus Crisis

In: New Challenges for the Eurozone Governance

Author

Listed:
  • José Caetano

    (Universidade de Évora)

  • Paulo Ferreira

    (Instituto Politécnico de Portalegre)

  • Andreia Dionísio

    (Universidade de Évora)

Abstract

The economic crisis triggered by the coronavirus exposed the gaps in the European Monetary Union (EMU) governance, creating fears to repeat the sovereign debt crisis. In view of the magnitude of the crisis and the financial interdependence inside that union, strong policy coordination and central measures are crucial. The discussion on debt mutualisation continued to be based on clashing political positions. This chapter identifies the instability recorded in sovereign spreads at the beginning of the crisis and reviews the structural factors that caused it. We discuss the limited role of the ECB answer. So, the issue of Eurobonds is revisited, bringing new arguments since the EMU faces an exogenous shock. We sustain that the approval of the European Commission’s original Next Generation EU programme on the European Council in July 21, could anchor a new governance model for the EMU, based on the principle of subsidiarity and the refusal of moral hazard arguments.

Suggested Citation

  • José Caetano & Paulo Ferreira & Andreia Dionísio, 2021. "Searching for a New Balance for the Eurozone Governance in the Aftermath of the Coronavirus Crisis," Springer Books, in: José Caetano & Isabel Vieira & António Caleiro (ed.), New Challenges for the Eurozone Governance, pages 115-136, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-62372-2_6
    DOI: 10.1007/978-3-030-62372-2_6
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jan Hupkens & Christine Neuhold & Sophie Vanhoonacker, 2023. "One Crisis Is not Like Another: Exploring Different Shades of Crisis in the EU," Politics and Governance, Cogitatio Press, vol. 11(4), pages 252-262.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-030-62372-2_6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.