IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/95428.html
   My bibliography  Save this paper

Governance and institutions for stability and growth in the Eurozone

Author

Listed:
  • Schiliro, Daniele

Abstract

The present paper aims to contribute to the debate on what kind of governance and institutions are needed to ensure stability and growth in the Eurozone. In fact, despite the economic recovery, the Eurozone does not yet have effective institutions to ensure stability in the face of a new economic crisis, without forgetting legitimacy, transparency, and ability to meet the expectations of greater prosperity for euro area citizens. This paper intends to support the view of a deep rethinking of EMU with a different governance and different institutions. The new governance should imply a renewed political agreement among the member states not only of the Eurozone, but also of the whole European Union. This political agreement must lead to a reconsideration of the Maastricht parameters, to a different approach of the European institutions and, lastly, to the change of the EU Treaty. The paper will also discuss the role of institutions that must balance the European interests and those of member states with the aim to provide a consistent approach to stability and growth.

Suggested Citation

  • Schiliro, Daniele, 2017. "Governance and institutions for stability and growth in the Eurozone," MPRA Paper 95428, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:95428
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/95428/1/MPRA_paper_95428.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
    2. Jean Pisani-Ferry, 2012. "The Euro crisis and the new impossible trinity," Policy Contributions 674, Bruegel.
    3. Barry Eichengreen & Charles Wyplosz, 2016. "Minimal Conditions for the Survival of the Euro," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 51(1), pages 24-28, January.
    4. Schilirò, Daniele, 2011. "A new governance for the EMU and the economic policy framework," MPRA Paper 32235, University Library of Munich, Germany, revised Jul 2011.
    5. Nicolas Véron & Guntram B. Wolff, 2016. "Capital Markets Union: A Vision for the Long Term," Journal of Financial Regulation, Oxford University Press, vol. 2(1), pages 130-153.
    6. Obstfeld, Maurice, 2013. "Finance at Center Stage: Some Lessons of the Euro Crisis," CEPR Discussion Papers 9415, C.E.P.R. Discussion Papers.
    7. Alcidi, Cinzia & Giovannini, Alessandro & Piedrafita, Sonia, 2014. "Enhancing the Legitimacy of EMU Governance," CEPS Papers 9914, Centre for European Policy Studies.
    8. Gros, Daniel & Busse, Matthias, 2013. "The Macroeconomic Imbalance Procedure and Germany: When is a surplus an “imbalance”?," CEPS Papers 8593, Centre for European Policy Studies.
    9. Torres,Francisco & Giavazzi,Francesco (ed.), 1993. "Adjustment and Growth in the European Monetary Union," Cambridge Books, Cambridge University Press, number 9780521440196, November.
    10. von Hagen, Jurgen & Eichengreen, Barry, 1996. "Federalism, Fiscal Restraints, and European Monetary Union," American Economic Review, American Economic Association, vol. 86(2), pages 134-138, May.
    11. Manuel Sanchis i Marco, 2014. "The Economics of the Monetary Union and the Eurozone Crisis," SpringerBriefs in Economics, Springer, edition 127, number 978-3-319-00020-6, February.
    12. Mario Tonveronachi, 2014. "The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design," Economics Public Policy Brief Archive ppb_137, Levy Economics Institute.
    13. Mr. Luc Eyraud & Vitor Gaspar & Mr. Tigran Poghosyan, 2017. "Fiscal Politics in the Euro Area," IMF Working Papers 2017/018, International Monetary Fund.
    14. Herman Rompuy, 2017. "Europe means more than just crisis," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 34(1), pages 1-10, April.
    15. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Schilirò, Daniele, 2017. "Imbalances and policies in the Eurozone," MPRA Paper 82847, University Library of Munich, Germany.
    2. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.
    3. Jorg Bibow, 2015. "The Euro's Savior? Assessing the ECB's Crisis Management Performance and Potential for Crisis Resolution," Economics Working Paper Archive wp_845, Levy Economics Institute.
    4. Fidrmuc, Jan & Horvath, Julius & Fidrmuc, Jarko, 1999. "The Stability of Monetary Unions: Lessons from the Breakup of Czechoslovakia," Journal of Comparative Economics, Elsevier, vol. 27(4), pages 753-781, December.
    5. Rosaria Canale, 2015. "Capital flows, long term bond yields and fiscal stance: the Eurozone policy trilemma," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 14(1), pages 31-44, December.
    6. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
    7. Filippo Balestrieri & Mr. Suman S Basu, 2018. "An Imperfect Financial Union With Heterogeneous Regions," IMF Working Papers 2018/205, International Monetary Fund.
    8. Rosaria Rita Canale & Paul Grauwe & Pasquale Foresti & Oreste Napolitano, 2018. "Is there a trade-off between free capital mobility, financial stability and fiscal policy flexibility in the EMU?," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(1), pages 177-201, February.
    9. Corrado Macchiarelli, 2018. "What is the EU-UK relation all about? Tracking the path from monetary integration to “ever closeness”," LEQS – LSE 'Europe in Question' Discussion Paper Series 137, European Institute, LSE.
    10. Helge Berger & Giovanni Dell’Ariccia & Maurice Obstfeld, 2019. "Revisiting the Economic Case for Fiscal Union in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 657-683, September.
    11. Luca Onorante, 2006. "Interaction of Fiscal Policies on the Euro Area: How Much Pressure on the ECB?," Economics Working Papers ECO2006/9, European University Institute.
    12. Alfredo Arahuetes García & Gonzalo Gómez Bengoechea, 2018. "The Macroeconomic Imbalance Procedure: A useful tool for predicting sovereign crises?," Estudios de Economia, University of Chile, Department of Economics, vol. 45(1 Year 20), pages 79-111, June.
    13. Siebert, Horst, 1998. "The Euro: A dozen do's and don't's," Kiel Discussion Papers 312, Kiel Institute for the World Economy (IfW Kiel).
    14. Paolo Pasimeni, 2014. "An Optimum Currency Crisis," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 11(2), pages 173-204, December.
    15. Jakob de Haan & Jeroen Hessel & Niels Gilbert, 2014. "Reforming the architecture of EMU: Ensuring stability in Europe," DNB Working Papers 446, Netherlands Central Bank, Research Department.
    16. J.M.C. Santos Silva & Silvana Tenreyro, 2010. "Currency Unions in Prospect and Retrospect," Annual Review of Economics, Annual Reviews, vol. 2(1), pages 51-74, September.
    17. Schilirò, Daniele, 2018. "Occupazione e mercato del lavoro in Italia. Aspetti congiunturali e strutturali [Employment and the labor market in Italy. Economic and structural aspects]," MPRA Paper 107630, University Library of Munich, Germany.
    18. Daniele SCHILIR, 2013. "Hans Werner Sinn and Timo Wollmershaeuser s Target Loans Current Account Balances and Capital Flows The ECB s Rescue Faciliy A Comment," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 4(1), pages 66-69.
    19. Henrique S. Basso & James Costain, 2016. "Fiscal Delegation in a Monetary Union with Decentralized Public Spending," CESifo Economic Studies, CESifo Group, vol. 62(2), pages 256-288.
    20. van Riet, Ad, 2015. "Market-preserving fiscal federalism in the European Monetary Union," MPRA Paper 77772, University Library of Munich, Germany.

    More about this item

    Keywords

    European Commission; ECB; rules-based system; economic convergence; banking union; financial stability; growth-oriented policies; transparency; legitimacy; treaty changes;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:95428. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.