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The global financial crisis: Lessons for European integration

  • Dabrowski, Marek

The EU's limited fiscal capacity has proven to be the most critical constraint in responding to the global financial crisis in a coordinated manner. The EU does not have enough resources to rescue the troubled financial institutions and member states. This leads to a nationalization of rescue operations, which undermines the Single European Market and requires IMF involvement with respect to member states in distress. The EU must also complete the lacking elements of the Single European Market architecture (such as European financial supervision) and help in strengthening global policy and regulatory coordination.

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File URL: http://www.sciencedirect.com/science/article/B6W8Y-4Y7P6T7-1/2/f37ec16b2648f821e4c2bc83ddc18cb4
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Article provided by Elsevier in its journal Economic Systems.

Volume (Year): 34 (2010)
Issue (Month): 1 (March)
Pages: 38-54

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Handle: RePEc:eee:ecosys:v:34:y:2010:i:1:p:38-54
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  1. Willem H. Buiter, 2010. "The limits to fiscal stimulus," Oxford Review of Economic Policy, Oxford University Press, vol. 26(1), pages 48-70, Spring.
  2. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
  3. Jakob von Weizsäcker, 2009. "Estimating the size of the European stimulus packages," Policy Contributions 266, Bruegel.
  4. Marek Dabrowski, 2007. "EMU enlargement: A progress report," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 8(1), pages 39-44, 04.
  5. Lucjan T. Orlowski, 2008. "Stages of the Ongoing Global Financial Crisis: Is There a Wandering Asset Bubble?," IWH Discussion Papers 11, Halle Institute for Economic Research.
  6. Zsolt Darvas & Jean Pisani-Ferry, 2008. "Avoiding a new European divide," Policy Briefs 227, Bruegel.
  7. Marek Dabrowski & Malgorzata Antczak & Michal Gorzelak, 2006. "Fiscal Challenges Facing the New Member States," Comparative Economic Studies, Palgrave Macmillan, vol. 48(2), pages 252-276, June.
  8. Susan Schadler & Pipat Luengnaruemitchai, 2007. "Do Economists' and Financial Markets' Perspectiveson the New Members of the Eu Differ?," IMF Working Papers 07/65, International Monetary Fund.
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