A new governance for EMU and the economic policy framework

Daniele Schiliro'

MPRA Paper from University Library of Munich, Germany

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.

Keywords: EMU; Pact for the Euro; European integration; European institutions; economic policies (search for similar items in EconPapers)
JEL-codes: E63 F1 F15 F3 F36 O52 (search for similar items in EconPapers)
Date: 2012-04
New Economics Papers: this item is included in nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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Related works:
Working Paper: A new governance for the EMU and the economic policy framework (2011)
Working Paper: A new governance for the EMU and the economic policy framework (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:47454

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