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Resilience in Focus. Certain Mechanisms of the Deepening of the Economic and Monetary Union

Peter Halmai

Public Finance Quarterly, 2021, vol. 66, issue 1, 7 - 31

Abstract: The economic resilience - the flexibility of the economy and also the capability of resistance to shocks - is a central category of European reform processes. It contains proactive and reactive dimension, as well as the necessity of adaptation to the new circumstances. The main dimensions of resilience: the factors of Vulnerability to Shocks, Shock-Absorption Capacity and the Ability to Recover. The efficiency of the interactions and synergies of the deepintegration system is determined by the interconnected mechanisms of convergence and resilience. Approaching resilience may show a new direction to national economic policies. With the increase of resilience of certain member states, the structural reforms at national level could decrease (reduce) the expense of the anti-cyclical (national fiscal or common monetary) policies in stabilizing of the Eurozone’s economies.

Keywords: Economic and Monetary Union; resilience; shock-absorption capacity; ability to recover; structural reforms (search for similar items in EconPapers)
JEL-codes: E61 E63 F02 F36 F45 O43 (search for similar items in EconPapers)
Date: 2021
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