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A new governance for EMU and the economic policy framework

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  • Schilirò, Daniele

Abstract

The severe crisis affecting European Monetary Union has emphasized the prevailing interests of national governments and the lack of political leadership of European institutions, not to mention the failure of eurozone governance in terms of effective crisis management. The present work argues that the decisions taken in March 2011 by the European Council, namely the ‘Pact for the Euro’, to design the new governance of European Monetary Union (EMU), can be considered a necessary though insufficient step for European institutions in terms of credibility and legitimacy. By assessing the economic policy framework set up by the Pact for the Euro, this contribution underlines the need for appropriate institutions, and a stronger attitude of cooperation among Member States. It also stresses the need for transparency and a non-ambiguous solution to the debt crisis. The major message of this work is that Economic and Monetary Union must equip itself with the appropriate policy tools to manage and resolve the crisis, creating the conditions to improve the competitiveness of the peripheral countries of the eurozone and fostering growth. At the same time, however, eurozone member states and European institutions must demonstrate greater accountability and political coherence.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 47454.

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Date of creation: Apr 2012
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Handle: RePEc:pra:mprapa:47454

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Keywords: EMU; Pact for the Euro; European integration; European institutions; economic policies;

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References

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  1. Holinski Nils & Kool Clemens & Muysken Joan, 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).
  2. Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2011. "The Euro and Structural Reforms," Review of Economics and Institutions, Università di Perugia, Università di Perugia, vol. 2(1).
  3. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198290858, October.
  4. 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).
  5. David Carf\'i & Daniele Schilir\'o, 2011. "A model of coopetitive game and the Greek crisis," Papers 1106.3543, arXiv.org, revised Sep 2011.
  6. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, Bruegel, number 303, 9.
  7. Zsolt Darvas & Jean Pisani-Ferry & André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," Working Papers, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest 1101, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  8. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, American Economic Association, vol. 86(2), pages 134-38, May.
  9. Carfì, David & Schilirò, Daniele, 2010. "Crisis in the Euro area: coopetitive game solutions as new policy tools," MPRA Paper 31891, University Library of Munich, Germany, revised 26 Jun 2011.
  10. 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.
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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. 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.
  3. Daniele SCHILIRÒ, 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. 0(1), pages 66-69, July.
  4. Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.

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