Weathering the storm- Fair weather versus stormy-weather governance in the euro area
Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance system lacks some crucial properties: speed of reaction, policy discretion and centralised decision-making.
Year of publication: |
2009-03
|
---|---|
Authors: | Pisani-Ferry, Jean ; Sapir, André |
Institutions: | Bruegel |
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