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The state of play regarding the deepening agenda for Economic and Monetary Union

Author

Listed:
  • Tordoir, Sander
  • Carmassi, Jacopo
  • Hauptmeier, Sebastian
  • Jahning, Malte

Abstract

This article provides a comprehensive overview of progress with the deepening of Europe’s Economic and Monetary Union (EMU). The start of a new legislative period for the European Union (2019-24) is a natural and opportune moment to take stock of progress towards completion of the architecture of EMU. The agenda that was proposed in the 2015 Five Presidents’ Report has yet to be fully implemented, with outstanding measures in the financial, fiscal, economic and political domains. This article surveys those various domains, looking at the elements that have been completed, those that are still ongoing, and those that are desirable but not yet under way. It then identifies priorities in terms of completing the banking union, deepening the integration of Europe’s capital markets, improving the euro area’s fiscal architecture and increasing the resilience of national economic structures. JEL Classification: E61, E63, F55, G28

Suggested Citation

  • Tordoir, Sander & Carmassi, Jacopo & Hauptmeier, Sebastian & Jahning, Malte, 2020. "The state of play regarding the deepening agenda for Economic and Monetary Union," Economic Bulletin Articles, European Central Bank, vol. 2.
  • Handle: RePEc:ecb:ecbart:2020:0002:3
    Note: 2973356
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/articles/2020/html/ecb.ebart202002_03~13fd3ff790.en.html
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    Citations

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    Cited by:

    1. Lucas Guttenberg & Johannes Hemker & Sander Tordoir, 2021. "Alles wird anders — Wie die Pandemie die EU-Finanzarchitektur verändert," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(2), pages 90-94, February.

    More about this item

    Keywords

    banking union; capital markets union; Economic and Monetary Union; fiscal and economic governance; fiscal capacity;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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