A new governance for the EMU and the economic policy framework
AbstractThe severe crisis that affected the European Monetary Union has emphasized the prevailing interests of national governments and a lack of political leadership of the European institution , while the governance of the euro area has been incapable of an effective crisis management. The present work argues that the decisions taken in March 2011 by the European Council, named the ‘Pact for the Euro’, to design a new governance of the EMU, can be considered a fairly significant step for the European institutions in terms of credibility and legitimacy. This contribution, evaluating the economic policy framework set by the Pact for the Euro, underlines the need for appropriate institutions and a stronger attitude to cooperate among the Member States. It also stresses the need for transparency and a non ambiguous solution of the debt crisis. The major message of this work is that Economic and Monetary Union must equip itself with appropriate policy tools to manage and resolve the crisis, creating the condition to improve the competitiveness of the peripheral countries of the euro area and fostering growth. But, at the same time, Member States of the euro area and European institutions must demonstrate greater accountability and political coherence.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 32235.
Date of creation: Apr 2011
Date of revision: Jul 2011
EMU; European integration; crisis management; Pact for the euro;
Other versions of this item:
- Schilirò, Daniele, 2011. "A new governance for the EMU and the economic policy framework," MPRA Paper 30237, University Library of Munich, Germany.
- F15 - International Economics - - Trade - - - Economic Integration
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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