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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.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30237.

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Date of creation: Apr 2011
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Handle: RePEc:pra:mprapa:30237

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Keywords: EMU; Global crisis; European integration; Pact of the Euro;

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  1. Zsolt Darvas & Jean Pisani-Ferry & André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," Working Papers 1101, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  2. Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2011. "The Euro and Structural Reforms," Review of Economics and Institutions, Università di Perugia, vol. 2(1).
  3. Ansgar Belke, 2011. "Reinforcing EU Governance in Times of Crisis: The Commission Proposals and Beyond," Credit and Capital Markets, Credit and Capital Markets, vol. 44(1), pages 1–26.
  4. André Sapir & Francois Gianviti & Anne Krueger & Jean Pisani-Ferry & Jürgen von Hagen, 2010. "A European Mechanism for Sovereign Debt Crisis Resolution: A Proposal," ULB Institutional Repository 2013/174280, ULB -- Universite Libre de Bruxelles.
  5. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-38, May.
  6. N. Holinski & C.J.M. Kool & J. Muysken, 2010. "Origins of persistent macroeconomic imbalances in the Euro area," Working Papers 10-12, Utrecht School of Economics.
  7. Leszek Balcerowicz, 2010. "Sovereign Bankruptcy in the European Union in the Comparative Perspective," Working Paper Series WP10-18, Peterson Institute for International Economics.
  8. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858, September.
  9. 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.
  10. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303, September.
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Cited by:
  1. Carfì, David & Schilirò, Daniele, 2011. "A model of coopetitive games and the Greek crisis," MPRA Paper 32098, University Library of Munich, Germany.
  2. Schilirò, Daniele & Carfì, David, 2013. "Coopetitive game solutions for the Greek crisis," MPRA Paper 43578, University Library of Munich, Germany.

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