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This Occasional Paper examines how and why the institutional framework governing EMU has evolved since the creation of the euro. Building on theories of institutionalism, the paper in particular investigates to what extent functional spillovers from the single currency into other policy domains,...
Persistent link: https://www.econbiz.de/10013128176
bonds is an optimal solution and the inevitable conclusion of the economic integration project in Europe. It examines the …
Persistent link: https://www.econbiz.de/10013111171
We provide an early assessment of the Juncker Commission's contributions to the ongoing reform of the euro area. In doing so, we present a chronological summary of the reform process up to 2014. At the time, the euro area architecture had undergone many changes. These were mainly focused on risk...
Persistent link: https://www.econbiz.de/10012167291
By the Treaty of Accession to the EU, Romania opted for the euro adoption. According to the Maastricht Treaty, since 2014 Romania has fulfilled the nominal convergence criteria, thus becoming apt to adopt the euro. But a careful analysis of the reality and the lessons learnt from the Euro Area...
Persistent link: https://www.econbiz.de/10011698594
Since revelations of the Greek fiscal deficit in the fall of 2009, the breakup of the Economic and Monetary Union (EMU) has moved from unthinkable to plausible. The debate over the future of the EMU has become increasingly relevant, as numerous efforts to solve the Greek crisis have not been...
Persistent link: https://www.econbiz.de/10011708733
Since revelations of the Greek fiscal deficit in the fall of 2009, the breakup of the Economic and Monetary Union (EMU) has moved from unthinkable to plausible. The debate over the future of the EMU has become increasingly relevant, as numerous efforts to solve the Greek crisis have not been...
Persistent link: https://www.econbiz.de/10011542850
Following a period of subdued consumer price changes, inflation has recently surged to levels that are significantly impacting the behavior of households and firms. Although the underlying sources of inflation differ across major advanced economies, central banks have progressively tightened...
Persistent link: https://www.econbiz.de/10014351176
This research note discusses the Euro crisis in Greece in light of the referendum of July the 5th. It lays out the social and political costs of a GREXIT, but also of a continuing austerity policy. It proposes a reform policy fostering growth in Greece and discusses the role of conditionality....
Persistent link: https://www.econbiz.de/10011308548
This paper studies the productivity effects of integration deepening. The identification strategy exploits the 1995 … integration, the average Norwegian region would have experienced an increase in yearly productivity growth of about 0.6 percentage … points. This method also helps determining the sources of heterogeneity, apparently inherent to integration, highlighting …
Persistent link: https://www.econbiz.de/10012698068
The European integration process started with the aim of reducing the differences in income and/or living standards …
Persistent link: https://www.econbiz.de/10012485017