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Changes in the Eurozone governance after the crisis and the issue of growth

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  • Schilirò, Daniele

Abstract

The Eurozone countries are still trying to find a way out to the crisis that has affected the European Monetary Union (EMU) since 2010. Sovereign debt crisis, difficulties in the banking system and large current account imbalances have characterized the crisis of the euro, while several countries of Eurozone have entered in a phase of slow and even negative growth. All this have put at risk the sustainability of EMU, leading to a climate of pessimism and distrust about the future of the single currency. The crisis of the Eurozone has shown that a sustainable currency union requires more governance because of the higher degree of economic, financial and fiscal spillovers between euro member countries. However, the crisis has led to significant changes in the institutional framework of EMU and in the economic policies of Eurozone, highlighting above all the role of ECB. The present contribution analyzes these changes in the eurozone governance and discusses whether they are the correct solutions to the crisis, it also focuses on the unresolved issue of growth in the peripheral Eurozone countries.

Suggested Citation

  • Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:51458
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    File URL: https://mpra.ub.uni-muenchen.de/51458/1/MPRA_paper_51458.pdf
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    References listed on IDEAS

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    1. Ángel Estrada & Jordi Galí & David López-Salido, 2013. "Patterns of Convergence and Divergence in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 61(4), pages 601-630, December.
    2. Martin S. Feldstein, 2011. "The Euro and European Economic Conditions," NBER Working Papers 17617, National Bureau of Economic Research, Inc.
    3. Nicolas Veron, 2013. "A Realistic Bridge Towards European Banking Union," Policy Briefs PB13-17, Peterson Institute for International Economics.
    4. Zsolt Darvas & Silvia Merler, 2013. "The European Central Bank in the age of banking union," Policy Contributions 796, Bruegel.
    5. Jean Pisani-Ferry & Guntram B. Wolff, 2012. "Propping up Europe?," Policy Contributions 721, Bruegel.
    6. Cúrdia, Vasco & Woodford, Michael, 2011. "The central-bank balance sheet as an instrument of monetarypolicy," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 54-79, January.
    7. André Sapir & Jean Pisani-Ferry & Guntram Wolff, 2012. "The Messy Rebuilding of Europe," ULB Institutional Repository 2013/174289, ULB -- Universite Libre de Bruxelles.
    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. Patricia S. Pollard, 1993. "Central bank independence and economic performance," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 21-36.
    10. Schilirò, Daniele, 2011. "A new governance for the EMU and the economic policy framework," MPRA Paper 32235, University Library of Munich, Germany, revised Jul 2011.
    11. Zsolt Darvas & Jean Pisani-Ferry & Guntram B. Wolff, 2013. "Europe's growth problem (and what to do about it)," Policy Briefs 776, Bruegel.
    12. Angel Ubide, 2013. "Reengineering EMU for an Uncertain World," Policy Briefs PB13-4, Peterson Institute for International Economics.
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    Citations

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    Cited by:

    1. Schilirò, Daniele, 2015. "Mediterraneo ed Unione Europea tra migrazioni e crescita sostenibile
      [Mediterranean and European Union between migration and sustainable growth]
      ," MPRA Paper 75603, University Library of Munich, Germany.
    2. Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    3. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    4. Schilirò, Daniele, 2017. "Imbalances and policies in the Eurozone," MPRA Paper 82847, University Library of Munich, Germany.
    5. Magdalena RADULESCU, 2015. "Ecb’S Monetary Measures During The Financial Crisis," Scientific Bulletin - Economic Sciences, University of Pitesti, vol. 14(1), pages 87-95.

    More about this item

    Keywords

    Eurozone governance; current account imbalances; economic growth; ECB’s monetary policy;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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