Proposals for Reforms and Democratization of the EMU

Bettina De Souza Guilherme ()
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Bettina De Souza Guilherme: IRELAC

Chapter Chapter 23 in Financial Crisis Management and Democracy, 2021, pp 345-360 from Springer

Abstract: Abstract In this part of the book, we discuss proposals to improve architectural and crisis management lacunas. While other partners of the network present own proposals, this chapter has the objective to sketch out proposals, which have been discussed or are still in the pipeline at the top level of European Union (EU) decision-takers and institutions to remedy lacunas, errors and omissions of the Economic and Monetary Union (EMU) architecture. A main argument advanced is that the reforms with a focus on “risk-avoidance” and stronger “surveillance” and “monitoring” had more success, while any reforms based on the principle of “risk-sharing have encountered major resistance, both for the financial market regulation and for the fiscal framework.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-54895-7_23

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DOI: 10.1007/978-3-030-54895-7_23

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