Deepening the EMU

Marco Buti and Olivier Guersent

Reflets et perspectives de la vie économique, 2017, vol. LVI, issue 4, 81-99

Abstract: The article explains why we need to deepen the Economic and Monetary Union and presents recent initiatives proposed by the European Commission in this field. First, it looks at remaining sources of financial vulnerability in the euro area, at insufficient collective stabilization tools, persisting economic and social divergences, a lack of economic resilience, and finally complex governance and democratic deficit. It then outlines what needs to be done: it presents what the European Commission has recently proposed in the area of the Financial Union (Banking Union, Capital Markets Union, and elements to be considered in the longer term), fiscal stabilization, convergence, and a more efficient institutional landscape. To this end, the article presents the main elements of the October 2017 Banking Union Communication, the December 2017 EMU deepening package, and the initiatives proposed in May 2018 in the context of the next Multiannual Financial Framework.

Keywords: Economic and Monetary Union; EMU; EMU deepening; euro area; euro area reform; eurozone; eurozone reform; fiscal stabilization; stabilization function; economic governance; Banking Union; CMU (search for similar items in EconPapers)
Date: 2017
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