IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

A new governance for the EMU and the economic policy framework

  • Schilirò, Daniele

The severe crisis that affected the European Monetary Union has emphasized the prevailing interests of national governments and a lack of political leadership of the European institution , while the governance of the euro area has been incapable of an effective crisis management. The present work argues that the decisions taken in March 2011 by the European Council, named the ‘Pact for the Euro’, to design a new governance of the EMU, can be considered a fairly significant step for the European institutions in terms of credibility and legitimacy. This contribution, evaluating the economic policy framework set by the Pact for the Euro, underlines the need for appropriate institutions and a stronger attitude to cooperate among the Member States. It also stresses the need for transparency and a non ambiguous solution of the debt crisis. The major message of this work is that Economic and Monetary Union must equip itself with appropriate policy tools to manage and resolve the crisis, creating the condition to improve the competitiveness of the peripheral countries of the euro area and fostering growth. But, at the same time, Member States of the euro area and European institutions must demonstrate greater accountability and political coherence.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://mpra.ub.uni-muenchen.de/32235/1/MPRA_paper_32235.pdf
File Function: original version
Download Restriction: no

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 32235.

as
in new window

Length:
Date of creation: Apr 2011
Date of revision: Jul 2011
Handle: RePEc:pra:mprapa:32235
Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. André Sapir & Jean Pisani-Ferry & Zsolt Darvas, 2011. "A comprehensive approach to the euro-area debt crisis," Policy Briefs 491, Bruegel.
  2. 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.
  3. Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2008. "The Euro and Structural Reforms," Working Papers 344, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  4. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303, March.
  5. 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.
  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. André Sapir & Francois Gianviti & Anne Krueger & Jean Pisani-Ferry & Jürgen von Hagen, 2010. "A European Mechanism for Sovereign Debt Crisis Resolution: A Proposal," ULB Institutional Repository 2013/174280, ULB -- Universite Libre de Bruxelles.
  8. Leszek Balcerowicz, 2010. "Sovereign Bankruptcy in the European Union in the Comparative Perspective," Working Paper Series WP10-18, Peterson Institute for International Economics.
  9. Holinski Nils & Kool Clemens & Muysken Joan, 2010. "Origins of persistent macroeconomic imbalances in the Euro area," Research Memorandum 026, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  10. 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.
  11. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858, March.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:32235. 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: (Ekkehart Schlicht)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.