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Changes in the Eurozone governance after the crisis and the issue of growth

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  • Schilirò, Daniele

Abstract

The Eurozone countries are still trying to find a way out to the crisis that has affected the European Monetary Union (EMU) since 2010. Sovereign debt crisis, difficulties in the banking system and large current account imbalances have characterized the crisis of the euro, while several countries of Eurozone have entered in a phase of slow and even negative growth. All this have put at risk the sustainability of EMU, leading to a climate of pessimism and distrust about the future of the single currency. The crisis of the Eurozone has shown that a sustainable currency union requires more governance because of the higher degree of economic, financial and fiscal spillovers between euro member countries. However, the crisis has led to significant changes in the institutional framework of EMU and in the economic policies of Eurozone, highlighting above all the role of ECB. The present contribution analyzes these changes in the eurozone governance and discusses whether they are the correct solutions to the crisis, it also focuses on the unresolved issue of growth in the peripheral Eurozone countries.

Suggested Citation

  • Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:51458
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    Cited by:

    1. Schilirò, Daniele, 2015. "Mediterraneo ed Unione Europea tra migrazioni e crescita sostenibile [Mediterranean and European Union between migration and sustainable growth]," MPRA Paper 75603, University Library of Munich, Germany.
    2. Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    3. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    4. Rima Sabban, 2020. "“The Debt of Gratitude”: Mobilizing “Motherhood” in Times of Unrest in the United Arab Emirates," Social Science Quarterly, Southwestern Social Science Association, vol. 101(7), pages 2507-2521, December.
    5. Schilirò, Daniele, 2017. "Imbalances and policies in the Eurozone," MPRA Paper 82847, University Library of Munich, Germany.
    6. Magdalena RADULESCU, 2015. "Ecb’S Monetary Measures During The Financial Crisis," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 14(1), pages 87-95.
    7. Schilirò, Daniele, 2018. "Occupazione e mercato del lavoro in Italia. Aspetti congiunturali e strutturali [Employment and the labor market in Italy. Economic and structural aspects]," MPRA Paper 107630, University Library of Munich, Germany.

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    More about this item

    Keywords

    Eurozone governance; current account imbalances; economic growth; ECB’s monetary policy;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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