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Time for Change in EU Economic Policy

Author

Listed:
  • Kurt Bayer

    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

For a number of years it has become obvious to an increasing number of observers that the economic policy framework of the EU and the euro area is no longer ‘fit for purpose’. This effectiveness gap in economic governance has become even more visible during recent multiple crises (ranging from the financial crisis, the Covid-19 pandemic and the ever more manifest climate emergency, to the energy and inflation crises reinforced by the Russian invasion of Ukraine). The EU reacted to all of these crises with a large array of instruments, in more or less effective ways. However, going forward the EU needs an effective ex ante framework geared towards the objective of improving the well-being of its citizens with adequate instruments, across the whole geographical area of the EU, rather than the current focus on individual member states.

Suggested Citation

  • Kurt Bayer, 2023. "Time for Change in EU Economic Policy," wiiw Policy Notes 68, The Vienna Institute for International Economic Studies, wiiw.
    • Handle: RePEc:wii:pnotes:pn:68
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    File URL: https://wiiw.ac.at/time-for-change-in-eu-economic-policy-dlp-6514.pdf
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    More about this item

    Keywords

    EU forward looking strategy: concentration on internal market and EU area as a whole;

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • 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

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