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Macroeconomic Imbalances and Institutional Reforms in the EMU. WWWforEurope Working Paper No. 87

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  • Stefan Ederer

Abstract

The paper summarises the channels and mechanisms which lead to the emergence of macroeconomic imbalances in the EMU before, in and after the crisis of 2008-09. It focuses on the role of the specific institutional setting of the EMU in these developments and outlines the key reforms which are necessary to eliminate the imbalances and prevent them from re-emerging.

Suggested Citation

  • Stefan Ederer, 2015. "Macroeconomic Imbalances and Institutional Reforms in the EMU. WWWforEurope Working Paper No. 87," WIFO Studies, WIFO, number 57896.
    • Handle: RePEc:wfo:wstudy:57896
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    File URL: https://www.wifo.ac.at/wwa/pubid/57896
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    References listed on IDEAS

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    1. Fritz Breuss, 2011. "Downsizing the Eurozone into an OCA or Entry into a Fiscal Transfer Union," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(04), pages 05-12, December.
    2. Andreas Sachs, 2013. "Governance Structures in Europe. WWWforEurope Deliverable No. 2," WIFO Studies, WIFO, number 47023, August.
    3. Bertola, Giuseppe, 2013. "Policy Coordination, Convergence, and the Rise and Crisis of EMU Imbalances," CEPR Discussion Papers 9471, C.E.P.R. Discussion Papers.
    4. Karl Aiginger, 2014. "Industrial Policy for a Sustainable Growth Path. WWWforEurope Policy Paper No. 13," WIFO Studies, WIFO, number 47261, August.
    5. Paul de Grauwe, 2013. "Design Failures in the Eurozone: Can they be fixed?," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 7, London School of Economics / European Institute.
    6. Stefan Ederer & Peter Reschenhofer, 2014. "Macroeconomic Imbalances and Structural Change in the EMU. WWWforEurope Working Paper No. 69," WIFO Studies, WIFO, number 47506, August.
    7. Renaud Thillaye & Ludek Kouba & Andreas Sachs, 2014. "Reforming EU Economic Governance: Is "More" Any Better? WWWforEurope Working Paper No. 57," WIFO Studies, WIFO, number 47203, August.
    8. Handler, Heinz, 2013. "The eurozone: piecemeal approach to an optimum currency area," MPRA Paper 67183, University Library of Munich, Germany.
    9. Karl Aiginger & Stefan Ederer & Olaf Cramme & Roger Liddle & Renaud Thillaye, 2012. "Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1," WIFO Studies, WIFO, number 46058, August.
    10. Stefan Ederer & Peter Reschenhofer, 2013. "Macroeconomic Imbalances in the EU. WWWforEurope Working Paper No. 42," WIFO Studies, WIFO, number 47017, August.
    11. Lane, Philip, 2013. "Capital Flows in the Euro Area," CEPR Discussion Papers 9493, C.E.P.R. Discussion Papers.
    12. De Grauwe, Paul, 2016. "Economics of Monetary Union," OUP Catalogue, Oxford University Press, edition 11, number 9780198739876.
    13. Renaud Thillaye, 2013. "Coordination in Place of Integration? Economic Governance in a Non-federal EU. WWWforEurope Working Paper No. 32," WIFO Studies, WIFO, number 46918, August.
    14. Stefan Ederer & Peter Reschenhofer, 2014. "A Global Value Chain Analysis of Macroeconomic Imbalances in Europe. WWWforEurope Working Paper No. 67," WIFO Studies, WIFO, number 47500, August.
    15. Stefan Ederer & Stefan Weingärtner, 2013. "Deeper Integration of Economic and Monetary Union," Austrian Economic Quarterly, WIFO, vol. 18(3), pages 135-148, August.
    16. Karl Aiginger, 2014. "Industrial Policy for a Sustainable Growth Path," WIFO Working Papers 469, WIFO.
    17. Stefan Ederer, 2010. "Imbalances in the Euro Area," Austrian Economic Quarterly, WIFO, vol. 15(3), pages 277-290, October.
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    Cited by:

    1. Karl Aiginger, 2016. "New Dynamics for Europe: Reaping the Benefits of Socio-ecological Transition – Part I: Synthesis. WWWforEurope Deliverable No. 11," WIFO Studies, WIFO, number 58791, August.

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