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Weathering the storm- Fair weather versus stormy-weather governance in the euro area

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  • Jean Pisani-Ferry
  • André Sapir

Abstract

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance system lacks some crucial properties- speed of reaction, policy discretion and centralised decision-making.

Suggested Citation

  • Jean Pisani-Ferry & André Sapir, 2009. "Weathering the storm- Fair weather versus stormy-weather governance in the euro area," Policy Contributions 274, Bruegel.
    • Handle: RePEc:bre:polcon:274
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    References listed on IDEAS

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    1. Philippe Aghion & Alan Ahearne & Marek Belka & Lars Heikensten & Jean Pisani-Ferry & André Sapir & Jürgen von Hagen, . "Coming of age- report on the euro area," Blueprints, Bruegel, number 11, December.
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    Cited by:

    1. Muhammad Akram & Hafsa Noreen & Monazza Karamat, 2011. "The Greek Sovereign Debt Crisis: Antecedents, Consequences and Reforms Capacity," Journal of Economics and Behavioral Studies, AMH International, vol. 2(6), pages 306-318.
    2. Kevin Featherstone, 2012. "Le choc de la nouvelle? Maastricht, déjà vu and EMU reform," LEQS – LSE 'Europe in Question' Discussion Paper Series 52, European Institute, LSE.
    3. Kevin Featherstone, 2012. "Le choc de la nouvelle? Maastricht, déjà vu and EMU reform," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 2, London School of Economics / European Institute.

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