Euro Area Macroeconomics. Where Do We Stand 20 Years Later?

Euro Area Macroeconomics. Where Do We Stand 20 Years Later?

For almost 20 years, euro area countries have been sharing a single currency. The drawbacks of the euro area framework were highlighted by the widening of imbalances prior to the 2007 financial crisis, and thereafter by the huge impact of the financial crisis, the public debt crisis in Southern Euro...

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Auteurs principaux: Mathieu, Catherine, Sterdyniak, Henri
Formato: Article ou chapitre numérique
Idioma:Français
Publicado em: 2019
Assuntos:
EMU governance
fiscal policy
policy coordination
Acesso em linha:Accès Université d'Orléans et IFPM
Accès Université d'Orléans et IFPM
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spelling cairn-REOF_HS02_0055REOFRevue de l'OFCE https://shs.cairn.info/revue-de-l-ofce-2019-HS-page-55?lang=en https://doi.org/10.3917/e.reof.hs02.0055 Euro Area Macroeconomics. Where Do We Stand 20 Years Later? Mathieu, CatherineSterdyniak, Henri2019 EMU governancefiscal policypolicy coordinationfre Revue de l'OFCE | Supp. 2 | HS | 2019-08-02 | p. 55-88 | 1265-9576 REOF_HS023 For almost 20 years, euro area countries have been sharing a single currency. The drawbacks of the euro area framework were highlighted by the widening of imbalances prior to the 2007 financial crisis, and thereafter by the huge impact of the financial crisis, the public debt crisis in Southern European countries, and the Great Recession. Prior to and after the crisis, EU institutions and Member States (MS) have not been able to implement either a common economic strategy or satisfactory economic policy coordination.This led neither to a bursting of the euro area, nor to a substantial change in its functioning. Euro area institutions were adapted, through the European Stability Mechanism, the Fiscal Treaty, the “first semester”, the European Central Bank’s support to MS, and the banking union. These adaptations were painful.In mid-2018, the economic situation had clearly improved at the euro area level. However, the following question remains unsolved: can the functioning of the euro area be improved, accounting for divergent situations, interests and views in MS?The paper recalls proposals from EU institutions and from MS. We present and discuss a number of proposals made by economists to improve the euro area policy framework: relying on financial markets to control domestic economic policies, introducing a euro area budget and a minister of finance, moving towards a federal EU with increased democracy, and last, improving economic policy coordination.Cairn free access
language Français
format Article ou chapitre numérique
building 0/Bibliothèque numérique/
1/Bibliothèque numérique/Cairn/
topic EMU governance
fiscal policy
policy coordination
spellingShingle EMU governance
fiscal policy
policy coordination
Mathieu, Catherine
Sterdyniak, Henri
Euro Area Macroeconomics. Where Do We Stand 20 Years Later?
topic_facet EMU governance
fiscal policy
policy coordination
description For almost 20 years, euro area countries have been sharing a single currency. The drawbacks of the euro area framework were highlighted by the widening of imbalances prior to the 2007 financial crisis, and thereafter by the huge impact of the financial crisis, the public debt crisis in Southern European countries, and the Great Recession. Prior to and after the crisis, EU institutions and Member States (MS) have not been able to implement either a common economic strategy or satisfactory economic policy coordination.This led neither to a bursting of the euro area, nor to a substantial change in its functioning. Euro area institutions were adapted, through the European Stability Mechanism, the Fiscal Treaty, the “first semester”, the European Central Bank’s support to MS, and the banking union. These adaptations were painful.In mid-2018, the economic situation had clearly improved at the euro area level. However, the following question remains unsolved: can the functioning of the euro area be improved, accounting for divergent situations, interests and views in MS?The paper recalls proposals from EU institutions and from MS. We present and discuss a number of proposals made by economists to improve the euro area policy framework: relying on financial markets to control domestic economic policies, introducing a euro area budget and a minister of finance, moving towards a federal EU with increased democracy, and last, improving economic policy coordination.
author Mathieu, Catherine
Sterdyniak, Henri
author_facet Mathieu, Catherine
Sterdyniak, Henri
author_sort Mathieu, Catherine
title Euro Area Macroeconomics. Where Do We Stand 20 Years Later?
title_short Euro Area Macroeconomics. Where Do We Stand 20 Years Later?
title_full Euro Area Macroeconomics. Where Do We Stand 20 Years Later?
title_fullStr Euro Area Macroeconomics. Where Do We Stand 20 Years Later?
title_full_unstemmed Euro Area Macroeconomics. Where Do We Stand 20 Years Later?
title_sort euro area macroeconomics. where do we stand 20 years later?
publishDate 2019
container_title
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url https://ezproxy.univ-orleans.fr/login?url=https://shs.cairn.info/revue-de-l-ofce-2019-HS-page-55?lang=en
https://ezproxy.univ-orleans.fr/login?url=https://doi.org/10.3917/e.reof.hs02.0055
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