EMU after the Crisis: Key Challenges

Petre Prisecaru

Global Economic Observer, 2016, vol. 4, issue 2, 17-24

Abstract: After the financial crisis and the sovereign debt crisis and following some important reforms in fiscal policy accompanying also the start of banking union there is the need to complete EMU through convergence and social cohesion, more integration in financial sector, better fiscal governance and supervision and more cooperation between institutions. The 5 presidents Report mentions the principal steps necessary to complete the Economic Union and to support the Monetary Union. Single currency and Monetary Union are facing severe challenges now and in the next future due to serious financial difficulties in Southern Europe and troubles in the Italian and German banking sectors. The capital flight from Southern Europe into Northern Europe has imposed massive interventions of ECB. Italian Banks, especially Banca Monte dei Paschi, cannot be supported by state through bail out due to Single Resolution Mechanism of banking union. A great economist like Joseph Stiglitz suggested some important and useful measures for a proper functioning of single currency and Monetary Union.Publication-Status: Published in Global Economic Observer, May 2016, pages 10-16

Keywords: economic union; monetary union; single currency; financial union; banking union; fiscal union; convergence; crisis; debt; deficit; governance (search for similar items in EconPapers)
JEL-codes: E F G01 H (search for similar items in EconPapers)
Date: 2016-11
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