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EMU reform proposals and their (non) implementation: An overview

Sandra Eckert, Vincent Lindner and Andreas Nölke

No 78, SAFE White Paper Series from Leibniz Institute for Financial Research SAFE

Abstract: Following the financial crash and the subsequent recession, European policymakers have undertaken major reforms regarding the European Economic and Monetary Union (EMU). Yet, the success rate is mixed. Several reform proposals have either completely failed due to opposition forces or are still pending, sometimes for years. This article provides an overview of reforms in four major policy fields: financial stabilisation, economic governance, fiscal solidarity, and cooperative dissolution. Building on the conceptual foundation of policy analysis, it distinguishes between policy outputs and outcomes. Policy output refers to legislation being adopted or agreement on treaty changes, while policy outcomes depict the result from the implementation process.

Date: 2020
New Economics Papers: this item is included in nep-mon
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