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Enhancing the Legitimacy of EMU Governance

Author

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  • Alcidi, Cinzia
  • Giovannini, Alessandro
  • Piedrafita, Sonia

Abstract

This CEPS Special Report investigates ways to enhance the legitimacy of economic governance in the Economic and Monetary Union (EMU) without introducing Treaty changes. It suggests changes in the governance framework at both the institutional and economic level. Input-oriented legitimacy can be improved by increasing parliamentary oversight on decisions related to EMU and increasing the accountability of the Eurogroup. Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce the emergence of negative externalities and to mitigate their impact, through market and fiscal risk-sharing mechanisms.

Suggested Citation

  • Alcidi, Cinzia & Giovannini, Alessandro & Piedrafita, Sonia, 2014. "Enhancing the Legitimacy of EMU Governance," CEPS Papers 9914, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:9914
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    File URL: http://www.ceps.eu/system/files/CEPS%20SR%2098%20Enhancing%20the%20Legitimacy%20of%20the%20Euro%20Area.pdf
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    References listed on IDEAS

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    1. Paul van den Noord & Björn Döhring & Sven Langedijk & João Nogueira Martins & Lucio Pench & Heliodoro Temprano-Arroyo & Michael Thiel, 2008. "The Evolution of Economic Governance in EMU," European Economy - Economic Papers 2008 - 2015 328, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Paul de Grauwe, 2013. "Design Failures in the Eurozone: Can they be fixed?," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 7, London School of Economics / European Institute.
    3. Gros, Daniel & Alcidi, Cinzia & Giovannini, Alessandro, 2012. "Central Banks in Times of Crisis: The FED vs. the ECB," CEPS Papers 7160, Centre for European Policy Studies.
    4. Yuliya Demyanyk & Charlotte Ostergaard & Bent E. Sorensen, 2008. "Risk sharing and portfolio allocation in EMU," European Economy - Economic Papers 2008 - 2015 334, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    Cited by:

    1. Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    2. Alcidi, Cinzia & Gros, Daniel & Rinaldi, David & N��ez Ferrer, Jorge, 2017. "The Instruments providing Macro-Financial Support to EU Member States," CEPS Papers 12373, Centre for European Policy Studies.
    3. Alcidi, Cinzia & Gros, Daniel, 2017. "How to strengthen the European Semester?," CEPS Papers 13292, Centre for European Policy Studies.

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