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Does Greater Responsibility for the EU Commissioner for Economic and Monetary Affairs Mean More Stability for Monetary Union?

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  • Thomas Straubhaar

Abstract

In line with a proposal put forward by Wolfgang Schäuble, the EU commissioner for economic and monetary affairs should exercise a strong influence over the budgets of the euro member states. A politically independent EU commissioner for economic and monetary affairs focused exclusively on budgetary policy could constitute the pillar of a common economic and monetary union, according to Thomas Straubhaar, Hamburgisches WeltWirtschaftsInstitutHWWi, in an article in the ifo Schnelldienst 22/2012. However, it remains more than questionable from today’s perspective whether an EU financial commissioner will really be given the responsibility to order preventative, or even repressive measures. This makes Wolfgang Schäuble’s proposal logical and valid in substance, but leaves it (far from) enforceable in practice.

Suggested Citation

  • Thomas Straubhaar, 2012. "Does Greater Responsibility for the EU Commissioner for Economic and Monetary Affairs Mean More Stability for Monetary Union?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 65(22), pages 03-06, November.
  • Handle: RePEc:ces:ifosdt:v:65:y:2012:i:22:p:03-06
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    File URL: https://www.ifo.de/DocDL/ifosd_2012_22_1.pdf
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    References listed on IDEAS

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    1. Berend Diekmann & Christoph Menzel & Tobias Thomae, 2012. "Konvergenzen und Divergenzen im „Währungsraum USA“ im Vergleich zur Eurozone," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 92(1), pages 27-32, January.
    2. Charles B. Blankart, 2011. "Federalism, direct democracy and taxation: A theory of Switzerland," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(12), pages 13-19, July.
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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • G01 - Financial Economics - - General - - - Financial Crises

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