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The messy rebuilding of Europe

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  • Jean Pisani-Ferry
  • André Sapir
  • Guntram B. Wolff

Abstract

The euro crisis and subsequent policy responses have challenged the assumptions underpinning the governance of the euro area, and the relationship between the European Unionâ??s euro- and non-euro countries. The euro policy regime has become increasingly complex and difficult to manage, raising the question of the accountability of decision making to citizens. Complexity also threatens to create frustration for euro area members, which fear that initiatives to strengthen the euro will be hindered, and for non-euro members, which fear that they will be de-facto deprived of their say in decisions of major relevance to them. It is too early to determine if and how policy integration within the euro area will develop beyond its current limited monetary and budgetary remit. Alternative scenarios can be envisaged, from the building of a coherent euro area within the EU, to a fragmentation of the financial market and a generalised â??variable geometryâ??. Policy action should be based on the need to: Make room for deeper integration within the euro area, beyond the limited remit envisaged in the Lisbon treaty Preserve the integrity of the EU27 and its essential governance arrangementsEnsure equal treatment in the application of common rules Ensure that candidates for euro-area membership have a voice in the definition of its rules Balance the requirements of legal clarity, accountability and efficiency with the desirability of experimentation through variable geometry This paper was presented to the Economic and Financial Affairs Ministers of the European Union on 30 March 2012 in Copenhagen.

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Bibliographic Info

Paper provided by Bruegel in its series Policy Briefs with number 719.

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Date of creation: Mar 2012
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Handle: RePEc:bre:polbrf:719

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. La stabilisation macroéconomique en Zone Euro (IV)
    by simon.ganem@hotmail.fr (Simon Ganem) in BS Initiative on 2014-02-14 09:43:57
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Cited by:
  1. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
  2. Mario Tonveronachi & Elisabetta Montanaro, 2012. "Financial re-regulation at a crossroads: How the European experience strengthens the case for a radical reform built on Minsky's approach," PSL Quarterly Review, Economia civile, vol. 65(263), pages 335-383.
  3. Nikolaos Antonakakis & Harald Badinger & Wolf Heinrich Reuter, 2014. "From Rome to Lisbon and Beyond: Member States' Power, Efficiency, and Proportionality in the EU Council of Ministers," Department of Economics Working Papers wuwp175, Vienna University of Economics, Department of Economics.
  4. Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.
  5. Carlo D'Ippoliti, 2012. "Josef Steindl: Introduzione: sulle cause reali della crisi finanziaria (Introduction: on the real causes of the financial crisis)," Moneta e Credito, Economia civile, vol. 65(260), pages 279-292.

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