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Towards a Genuine Economic and Monetary Union – Comments on a Roadmap

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  • Ansgar Belke

Abstract

The Van Rompuy Report and also additional proposals made by the European Commission outlined steps for a ‘genuine Economic and Monetary Union’. This article explains, assesses and comments on the proposals made. Moreover, it outlines what could be recommendations in order to achieve a ‘genuine Economic and Monetary Union’. For this purpose, details of the Interim Report are systematically evaluated. We also deal with different governance visions emerging from the ongoing euro area crisis and starts from different views of the ‘North and the South’ of the euro area on this issue. This contribution argues that there is an alternative option to the notion of cooperative fiscal federalism involving fiscal union, bailouts and debt mutualisation: competition-based fiscal federalism accompanied by a properly defined banking union. In order to be a successful one, any deal will have to come up with a successful recipe of how to (re-)create trust between European citizens and their elected governments.

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File URL: http://www.rome-net.org/RePEc/rmn/wpaper/rome-wp-2013-04.pdf
File Function: First version, 2013
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Bibliographic Info

Paper provided by ROME Network in its series ROME Working Papers with number 201304.

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Length: 50 pages
Date of creation: Jul 2013
Date of revision:
Handle: RePEc:rmn:wpaper:201304

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Web page: http://www.rome-net.org

Related research

Keywords: banking union; debt mutualisation; EU governance; Euro budget; Eurozone; genuine Economic and Monetary Union; North–South divide; shock absorber;

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  1. Belke, Ansgar & Potrafke, Niklas, 2012. "Does government ideology matter in monetary policy? A panel data analysis for OECD countries," Journal of International Money and Finance, Elsevier, vol. 31(5), pages 1126-1139.
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