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Überwachung der Wettbewerbsfähigkeit in der Europäischen Wirtschafts- und Währungsunion

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  • Volker Hallwirth

Abstract

The euro crisis has revealed that major divergences in competitiveness and current account imbalances seriously affected the economic governance of EMU. In order to improve the proper functioning of EMU, the EU adopted the “Macroeconomic Imbalance Procedure” (MIP) in 2011, which presumably may contribute to improving EMU policy supervision. With respect to the surveillance of competitiveness divergences and current account imbalances, however, the MIP still suffers from severe shortcomings. In the interest of a better functioning EMU, the MIP should be extended to a comprehensive macroeconomic coordination mechanism. Including wage developments into macroeconomic coordination within the euro area could effectively contribute to preventing and correcting macroeconomic imbalances and help minimise the costs of adjustment. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Volker Hallwirth, 2014. "Überwachung der Wettbewerbsfähigkeit in der Europäischen Wirtschafts- und Währungsunion," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(11), pages 798-805, November.
    • Handle: RePEc:spr:wirtsc:v:94:y:2014:i:11:p:798-805
    DOI: 10.1007/s10273-014-1750-2
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    Keywords

    H77; R11; R72;
    All these keywords.

    JEL classification:

    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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