A new governance for EMU and the economic policy framework
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.
|Date of creation:||Apr 2012|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
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.:
- Missale, Alessandro, 1999. "Public Debt Management," OUP Catalogue, Oxford University Press, number 9780198290858.
- N. Holinski & C.J.M. Kool & J. Muysken, 2010.
"Origins of persistent macroeconomic imbalances in the Euro area,"
10-12, Utrecht School of Economics.
- 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).
- Carfì, David & Schilirò, Daniele, 2011.
"A model of coopetitive games and the Greek crisis,"
32098, University Library of Munich, Germany.
- 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.
- Carfì, David & Schilirò, Daniele, 2010. "Crisis in the Euro area: coopetitive game solutions as new policy tools," MPRA Paper 27138, University Library of Munich, Germany.
- Carfì, David & Schilirò, Daniele, 2010. "Crisis in the Euro area: coopetitive game solutions as new policy tools," MPRA Paper 31891, University Library of Munich, Germany, revised 26 Jun 2011.
- Belke, Ansgar, 2010.
"Reinforcing EU Governance in Times of Crisis: The Commission Proposals and Beyond,"
Ruhr Economic Papers
232, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
- 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.
- 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.
- Daniele Schilirò, 2008.
"Investing in Knowledge: Knowledge, Human Capital and Institutions for the Long Run Growth,"
CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale
crn0804, Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC).
- 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.
- 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.
- Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2011.
"The Euro and Structural Reforms,"
Review of Economics and Institutions,
Università di Perugia, vol. 2(1).
- Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2008. "The Euro and Structural Reforms," Working Papers 344, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Alberto Alesina & Silvia Ardagna & Vincenzo Galasso, 2008. "The Euro and Structural Reforms," NBER Working Papers 14479, National Bureau of Economic Research, Inc.
- 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.
- 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.
- Zsolt Darvas & Jean Pisani-Ferry & André Sapir, 2011.
"A Comprehensive Approach to the Euro-Area Debt Crisis,"
1101, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
- André Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," ULB Institutional Repository 2013/174297, ULB -- Universite Libre de Bruxelles.
- Zsolt Darvas & Jean Pisani-Ferry & Andre Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," IEHAS Discussion Papers 1110, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
- André Sapir & Jean Pisani-Ferry & Zsolt Darvas, 2011. "A comprehensive approach to the euro-area debt crisis," Policy Briefs 491, Bruegel.
- Jean Pisani-Ferry & Adam Posen, . "The euro at ten: the next global currency?," Books, Bruegel, number 303.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:47454. 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: (Joachim Winter)
If references are entirely missing, you can add them using this form.