IDEAS home Printed from
   My bibliography  Save this article

Changes in Eurozone Governance after the Crisis and the Issue of Growth


  • Daniele Schiliro


The Eurozone countries are still seeking a way out of the crisis that has been affecting the European Monetary Union (EMU) since 2010. Sovereign debt crises, difficulties in the banking system and large current account imbalances have characterized the euro crisis, while several countries of the Eurozone have entered a phase of slow and even negative growth. All this has put at risk the sustainability of the EMU, leading to a climate of distrust surrounding 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 the EMU and in the economic policies of the Eurozone, highlighting, above all, the role of the ECB. The present contribution analyses these changes in Eurozone governance and discusses whether they are the correct solutions to the crisis; in addition it focuses on the unresolved issue of growth in the peripheral Eurozone countries.

Suggested Citation

  • Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
  • Handle: RePEc:rfa:journl:v:2:y:2014:i:2:p:110-119

    Download full text from publisher

    File URL:
    Download Restriction: no

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Ángel Estrada & Jordi Galí & David López-Salido, 2013. "Patterns of Convergence and Divergence in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 61(4), pages 601-630, December.
    2. Feldstein, Martin S., 2011. "The Euro and European Economic Conditions," Scholarly Articles 9949289, Harvard University Department of Economics.
    3. Nicolas Veron, 2013. "A Realistic Bridge Towards European Banking Union," Policy Briefs PB13-17, Peterson Institute for International Economics.
    4. Zsolt Darvas & Silvia Merler, 2013. "The European Central Bank in the age of banking union," Policy Contributions 796, Bruegel.
    5. Cúrdia, Vasco & Woodford, Michael, 2011. "The central-bank balance sheet as an instrument of monetarypolicy," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 54-79, January.
    6. André Sapir & Jean Pisani-Ferry & Guntram Wolff, 2012. "The Messy Rebuilding of Europe," ULB Institutional Repository 2013/174289, ULB -- Universite Libre de Bruxelles.
    7. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
    8. Patricia S. Pollard, 1993. "Central bank independence and economic performance," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 21-36.
    9. Martin S. Feldstein, 2011. "The Euro and European Economic Conditions," NBER Working Papers 17617, National Bureau of Economic Research, Inc.
    10. Daniele SCHILIRÒ, 2013. "The Crisis of Euro's Governance: Institutional Aspects and Policy Issues," Chapters of Financial Aspects of Recent Trends in the Global Economy book,in: Rajmund Mirdala (ed.), Financial Aspects of Recent Trends in the Global Economy, volume 2, chapter 9, pages 151-163 ASERS Publishing.
    11. Schilirò, Daniele, 2012. "A new governance for EMU and the economic policy framework," MPRA Paper 47454, University Library of Munich, Germany.
    12. Angel Ubide, 2013. "Reengineering EMU for an Uncertain World," Policy Briefs PB13-4, Peterson Institute for International Economics.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    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. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    3. Schilirò, Daniele, 2017. "Imbalances and policies in the Eurozone," MPRA Paper 82847, University Library of Munich, Germany.
    4. Magdalena RADULESCU, 2015. "Ecb’S Monetary Measures During The Financial Crisis," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 14(1), pages 87-95.

    More about this item


    Eurozone governance; current account imbalances; economic growth; ECB¡¯s monetary policy;

    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


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rfa:journl:v:2:y:2014:i:2:p:110-119. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Redfame publishing). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.