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A new governance for the EMU and the economic policy framework

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  • Schilirò, Daniele

Abstract

The EMU governance has showed to be incapable of an effective crisis management following the global downturn. The recent decisions by European Council taken in March 2011, named the ‘Pact of the Euro’, to design a new governance of the EMU can be considered a significant attempt to give new and effective national budgetary rules, crisis management and resolution principles and procedures, economic policy framework to the Member States of the euro area, although several questions remain open. The present work seeks to investigate the causes of the crisis of the euro area and review the debate about the future of the EMU. Moreover this contribution evaluates critically the new governance of the EMU and the economic policy framework established by the Pact of the Euro underlying the need of adequate institutions, greater cooperative attitude and political coherence.

Suggested Citation

  • Schilirò, Daniele, 2011. "A new governance for the EMU and the economic policy framework," MPRA Paper 30237, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:30237
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    References listed on IDEAS

    as
    1. Daniele Schilirò, 2010. "Jean Pisani-Ferry and Adam S. Posen. 2009. The Euro at Ten: The next global currency? (Washington D.C.: Peterson Institute for International Economics, Bruegel)," The Review of International Organizations, Springer, vol. 5(1), pages 101-105, March.
    2. Daniele Schilirò, 2010. "Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth," Chapters, in: Maarten J. Arentsen & Wouter van Rossum & Albert E. Steenge (ed.), Governance of Innovation, chapter 3, Edward Elgar Publishing.
    3. David Carf'i & Daniele Schilir'o, 2011. "A model of coopetitive game and the Greek crisis," Papers 1106.3543, arXiv.org, revised Sep 2011.
    4. André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," ULB Institutional Repository 2013/174297, ULB -- Universite Libre de Bruxelles.
    5. Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2011. "The Euro and Structural Reforms," Review of Economics and Institutions, Università di Perugia, vol. 2(1).
    6. Leszek Balcerowicz, 2010. "Sovereign Bankruptcy in the European Union in the Comparative Perspective," Working Paper Series WP10-18, Peterson Institute for International Economics.
    7. Holinski, N. & Kool, C.J.M. & Muysken, J., 2010. "Origins of persistent macroeconomic imbalances in the Euro area," Research Memorandum 026, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    8. Belke, Ansgar, 2010. "Reinforcing EU Governance in Times of Crisis: The Commission Proposals and Beyond," Ruhr Economic Papers 232, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    9. Jürgen von Hagen & Jean Pisani-Ferry & André Sapir & Francois Gianviti & Anne O. Krueger, . "A European mechanism for sovereign debt crisis resolution- a proposal," Blueprints, Bruegel, number 446, December.
    10. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
    11. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858.
    12. Jean Pisani-Ferry, 2010. "Euro area governance- What went wrong in the euro area? How to repair it?," Policy Contributions 410, Bruegel.
    13. Jean Pisani-Ferry & Adam Posen, . "The euro at ten- the next global currency?," Books, Bruegel, number 303.
    14. Schilirò, Daniele, 2006. "L’euro, il patto di stabilità e di crescita e la sua riforma [The euro, the stability and growth pact and its reform]," MPRA Paper 37333, University Library of Munich, Germany.
    15. Romano Prodi, 2010. "Is the Greek Crisis also Becoming a Crisis of the EMU?," Economia politica, Società editrice il Mulino, issue 2, pages 227-236.
    16. Adam S. Posen & Jean-Pisani Ferry (ed.), 2009. "Euro at Ten: The Next Global Currency?, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4303, October.
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    Citations

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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. Daniele SCHILIR, 2013. "Hans Werner Sinn and Timo Wollmershaeuser s Target Loans Current Account Balances and Capital Flows The ECB s Rescue Faciliy A Comment," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 4(1), pages 66-69.
    3. David, Carfì & Daniele, SCHILIRO', 2014. "Improving competitiveness and trade balance of Greek economy: a coopetitive strategy model," MPRA Paper 76970, University Library of Munich, Germany.
    4. Carfì, David & Schilirò, Daniele, 2011. "A framework of coopetitive games: applications to the Greek crisis," MPRA Paper 78089, University Library of Munich, Germany.
    5. Schilirò, Daniele & Carfì, David, 2013. "Coopetitive game solutions for the Greek crisis," MPRA Paper 43578, University Library of Munich, Germany.
    6. Schilirò, Daniele, 2014. "Crescita e debito pubblico. L’economia italiana e la crisi [Growth and public debt. The Italian economy and the crisis]," MPRA Paper 86701, University Library of Munich, Germany.
    7. Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    8. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    9. David Carf'i & Daniele Schilir'o, 2011. "A model of coopetitive game and the Greek crisis," Papers 1106.3543, arXiv.org, revised Sep 2011.

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    More about this item

    Keywords

    EMU; Global crisis; European integration; Pact of the Euro;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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