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A new governance for the EMU and the economic policy framework

  • Schilirò, Daniele

The EMU governance has showed to be incapable of an effective crisis management following the global downturn. The recent decisions by European Council taken in March 2011, named the ‘Pact of the Euro’, to design a new governance of the EMU can be considered a significant attempt to give new and effective national budgetary rules, crisis management and resolution principles and procedures, economic policy framework to the Member States of the euro area, although several questions remain open. The present work seeks to investigate the causes of the crisis of the euro area and review the debate about the future of the EMU. Moreover this contribution evaluates critically the new governance of the EMU and the economic policy framework established by the Pact of the Euro underlying the need of adequate institutions, greater cooperative attitude and political coherence.

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File URL: http://mpra.ub.uni-muenchen.de/30237/1/MPRA_paper_30237.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30237.

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Date of creation: Apr 2011
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Handle: RePEc:pra:mprapa:30237
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  1. Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2011. "The Euro and Structural Reforms," Review of Economics and Institutions, Università di Perugia, vol. 2(1).
  2. N. Holinski & C.J.M. Kool & J. Muysken, 2010. "Origins of persistent macroeconomic imbalances in the Euro area," Working Papers 10-12, Utrecht School of Economics.
  3. Ansgar Belke, 2010. "Reinforcing EU Governance in Times of Crisis: The Commission Proposals and Beyond," Discussion Papers of DIW Berlin 1082, DIW Berlin, German Institute for Economic Research.
  4. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303, March.
  5. Zsolt Darvas & Jean Pisani-Ferry & André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," Working Papers 1101, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
  6. Prodi Romano, 2010. "Is the Greek Crisis also Becoming a Crisis of the EMU?," Economia politica, Società editrice il Mulino, issue 2, pages 227-236.
  7. Jürgen von Hagen & Jean Pisani-Ferry & André Sapir & Francois Gianviti & Anne O. Krueger, . "A European mechanism for sovereign debt crisis resolution: a proposal," Blueprints, Bruegel, number 446, 5.
  8. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-38, May.
  9. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858, March.
  10. Leszek Balcerowicz, 2010. "Sovereign Bankruptcy in the European Union in the Comparative Perspective," Working Paper Series WP10-18, Peterson Institute for International Economics.
  11. Daniele Schilirò, 2010. "Jean Pisani-Ferry and Adam S. Posen. 2009. The Euro at Ten: The next global currency? (Washington D.C.: Peterson Institute for International Economics, Bruegel)," The Review of International Organizations, Springer, vol. 5(1), pages 101-105, March.
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