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A new governance for EMU and the economic policy framework

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  • Schilirò, Daniele

Abstract

The severe crisis affecting European Monetary Union has emphasized the prevailing interests of national governments and the lack of political leadership of European institutions, not to mention the failure of eurozone governance in terms of effective crisis management. The present work argues that the decisions taken in March 2011 by the European Council, namely the ‘Pact for the Euro’, to design the new governance of European Monetary Union (EMU), can be considered a necessary though insufficient step for European institutions in terms of credibility and legitimacy. By assessing the economic policy framework set up by the Pact for the Euro, this contribution underlines the need for appropriate institutions, and a stronger attitude of cooperation among Member States. It also stresses the need for transparency and a non-ambiguous solution to the debt crisis. The major message of this work is that Economic and Monetary Union must equip itself with the appropriate policy tools to manage and resolve the crisis, creating the conditions to improve the competitiveness of the peripheral countries of the eurozone and fostering growth. At the same time, however, eurozone member states and European institutions must demonstrate greater accountability and political coherence.

Suggested Citation

  • Schilirò, Daniele, 2012. "A new governance for EMU and the economic policy framework," MPRA Paper 47454, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:47454
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    File URL: https://mpra.ub.uni-muenchen.de/47454/1/MPRA_paper_47454.pdf
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    References listed on IDEAS

    as
    1. Daniele Schilirò, 2010. "Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth," Chapters,in: Governance of Innovation, chapter 3 Edward Elgar Publishing.
    2. Ansgar Belke, 2011. "Reinforcing EU Governance in Times of Crisis: The Commission Proposals and Beyond," Credit and Capital Markets, Credit and Capital Markets, vol. 44(1), pages 1-26.
    3. David Carf'i & Daniele Schilir'o, 2011. "A model of coopetitive game and the Greek crisis," Papers 1106.3543, arXiv.org, revised Sep 2011.
    4. André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," ULB Institutional Repository 2013/174297, ULB -- Universite Libre de Bruxelles.
    5. Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2011. "The Euro and Structural Reforms," Review of Economics and Institutions, Università di Perugia, vol. 2(1).
    6. David CARFÌ & Daniele SCHILIRÒ, 2011. "Crisis In The Euro Area. Coopetitive Game Solutions As New Policy Tools," Theoretical and Practical Research in Economic Fields, ASERS Publishing, vol. 0(1), pages 23-36, June.
    7. 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.
    8. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
    9. Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858.
    10. Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303, April.
    11. Schilirò, Daniele, 2006. "L’euro, il patto di stabilità e di crescita e la sua riforma
      [The euro, the stability and growth pact and its reform]
      ," MPRA Paper 37333, University Library of Munich, Germany.
    12. Romano Prodi, 2010. "Is the Greek Crisis also Becoming a Crisis of the EMU?," Economia politica, Società editrice il Mulino, issue 2, pages 227-236.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.
    2. 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.
    3. Schilirò, Daniele, 2012. "Hans Werner Sinn and Timo Wollmershaeuser’s target loans, current account balances and capital flows: the ECB’s rescue facility. A comment," MPRA Paper 48075, University Library of Munich, Germany.
    4. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    5. David, Carfì & Daniele, SCHILIRO', 2014. "Improving competitiveness and trade balance of Greek economy: a coopetitive strategy model," MPRA Paper 76970, University Library of Munich, Germany.

    More about this item

    Keywords

    EMU; Pact for the Euro; European integration; European institutions; economic policies;

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F1 - International Economics - - Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • F3 - International Economics - - International Finance
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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