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The strengthening of the European Unionâ??s fiscal rules with the approval of the so-called â??six-packâ??, and the parallel worsening of economic conditions in Europe, re-opened the debate about the relationship between fiscal discipline and growth. Influential voices have argued against the...
Persistent link: https://www.econbiz.de/10010833267
The crisis in Greece presents an extraordinary test for the euro, but also an opportunity to strengthen, and apply more diligently, existing procedures governing the economic and monetary Union. This Policy Brief authored by Bruegel Director Jean Pisani-Ferry, Senior Fellow André Sapir and...
Persistent link: https://www.econbiz.de/10009003785
For markets, European economic governance faces a crisis of policy effectiveness, while for citizens the European Union faces a democratic legitimacy crisis. The introduction of the European Semester economic policy surveillance system has not resolved these problems. Policy guidance deriving...
Persistent link: https://www.econbiz.de/10011147824
This policy brief argues that the euro area's shortcomings have become abundantly clear. It was set up without powers of strict surveillance over macroeconomic imbalances, crisis management and resolution instruments, or adequate banking supervision and resolution tools. The authors assert that...
Persistent link: https://www.econbiz.de/10009371705