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Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010

Author

Listed:
  • Salines, Marion
  • Glöckler, Gabriel
  • Truchlewski, Zbigniew
  • del Favero, Paola

Abstract

This Occasional Paper examines how and why the institutional framework governing EMU has evolved since the creation of the euro. Building on theories of institutionalism, the paper in particular investigates to what extent functional spillovers from the single currency into other policy domains, like macroeconomic policies or financial regulation, met with an adequate institutional response, and to what extent the existing institutional framework conditioned the response to the financial crisis. The interaction between policy requirements and institutional capabilities is examined both in JEL Classification: E52, E31, D84

Suggested Citation

  • Salines, Marion & Glöckler, Gabriel & Truchlewski, Zbigniew & del Favero, Paola, 2011. "Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010," Occasional Paper Series 127, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2011127
    Note: 1720042
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecbocp127.pdf
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    References listed on IDEAS

    as
    1. Lucia Quaglia, 2009. "The 'British Plan' as a Pace-Setter: The Europeanization of Banking Rescue Plans in the EU?," Journal of Common Market Studies, Wiley Blackwell, vol. 47, pages 1063-1083, November.
    2. Orion Lewis & Sven Steinmo, 2007. "Taking Evolution Seriously," ARENA Working Papers 19, ARENA.
    3. Jean Pisani-Ferry, 2010. "Euro area governance- What went wrong in the euro area? How to repair it?," Policy Contributions 410, Bruegel.
    4. Lucia Quaglia & Robert Eastwood & Peter Holmes, 2009. "The Financial Turmoil and EU Policy Co‐operation in 2008," Journal of Common Market Studies, Wiley Blackwell, vol. 47(s1), pages 63-87, September.
    5. Salvador Barrios & Andrea Schaechter, 2008. "The quality of public finances and economic growth," European Economy - Economic Papers 2008 - 2015 337, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    6. Pierson, Paul, 2000. "Increasing Returns, Path Dependence, and the Study of Politics," American Political Science Review, Cambridge University Press, vol. 94(2), pages 251-267, June.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Masciandaro, Donato & Romelli, Davide, 2015. "Ups and downs of central bank independence from the Great Inflation to the Great Recession: theory, institutions and empirics," Financial History Review, Cambridge University Press, vol. 22(3), pages 259-289, December.
    2. Masciandaro Donato, 2012. "Back to the Future?," European Company and Financial Law Review, De Gruyter, vol. 9(2), pages 112-130, July.
    3. Salines, Marion & Glöckler, Gabriel & Truchlewski, Zbigniew & del Favero, Paola, 2011. "Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010, September 2011," Occasional Paper Series 127, European Central Bank.
    4. Michal Jurek & Pawel Marszalek, 2015. "Policy alternatives for the relationship between ECB monetary and financial policies and new member states," Working papers wpaper112, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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    More about this item

    Keywords

    EMU institutional architecture; historical institutionalism; institutional change; rational choice;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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