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The crisis of euro’s governance: institutional aspects and policy issues

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  • Schilirò, Daniele

Abstract

The European Monetary Union is characterized by a crisis of governance, this has become more evident with the crisis of the euro which has shown the weaknesses of the European institutions and stressed the heterogeneity of member countries. The global financial crisis struck the euro area very severely because it coincided with the lack of appropriate policy tools to manage the crisis and with a period of weak political leadership which have made crisis management even harder. Europe needs to build the institutions of its monetary union to avoid similar crises in the future. But it is necessary a greater European integration, with a central fiscal entity at European level which requires a transfer of sovereignty from the individual Member States. This contribution first discusses the issue concerning rules and discretion in the governance of the euro. In the following section it describes the euro crisis and examines the remedies put in place, noting that despite the statements and the efforts of the European authorities the confidence in the euro is diminishing. Thus the exit of Greece from the euro or even the breakdown of the single currency has become a hypothesis discussed more frequently among economists, politicians, central bankers and businessmen. The last section of the work focuses on what’s wrong in the governance of the euro and examines the institutional aspects and the economic policy issues suggesting that the European integration serves to ensure the European citizens independence and protect their historical freedom, but also to influence and thus affect the choices from which may depend the future prosperity of European nations involved.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 40861.

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Date of creation: Jan 2012
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Handle: RePEc:pra:mprapa:40861

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Keywords: euro; crisis of governance; European integration; European institutions; economic policies;

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  1. Barro, Robert J & Gordon, David B, 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(4), pages 589-610, August.
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  10. Schilirò, Daniele, 2006. "L’euro, il patto di stabilità e di crescita e la sua riforma
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    ," MPRA Paper 37333, University Library of Munich, Germany.
  11. Krogstrup, Signe & Wyplosz, Charles, 2010. "A common pool theory of supranational deficit ceilings," European Economic Review, Elsevier, vol. 54(2), pages 269-278, February.
  12. David CARFÌ & Daniele SCHILIRÒ, 2011. "Crisis In The Euro Area. Coopetitive Game Solutions As New Policy Tools," Theoretical and Practical Research in Economic Fields, ASERS Publishing, ASERS Publishing, vol. 0(1), pages 23-36, June.
  13. Schilirò, Daniele & Carfì, David, 2012. "A framework of coopetitive games:applications to the Greek crisis," MPRA Paper 37855, University Library of Munich, Germany.
  14. André Sapir & Benedicta Marzinotto & Guntram Wolff, 2011. "What Kind of Fiscal Union ?," ULB Institutional Repository 2013/174293, ULB -- Universite Libre de Bruxelles.
  15. 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.
  16. Daniele Schilirò, 2008. "Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth," CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo econo crn0804, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
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  18. Carfì, David & Schilirò, Daniele, 2011. "A model of coopetitive games and the Greek crisis," MPRA Paper 32098, University Library of Munich, Germany.
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Cited by:
  1. David, Carfì & Daniele, SCHILIRO', 2014. "Improving competitiveness and trade balance of Greek economy: a coopetitive strategy model," MPRA Paper 55124, University Library of Munich, Germany.
  2. Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.
  3. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, Redfame publishing, vol. 2(2), pages 110-119, April.

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