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Overview of EMU

15-06-2016

This note focusses on selected policy issues as outlined in the Five Presidents’ Report and which are relevant for parliamentary work. The note provides an overview of the main steps undertaken and of the proposals planned to make EMU more resilient to shocks by addressing the policy and governance challenges unveiled by the financial crisis. These include: i) labour and product market reforms to rise long-term productivity and growth; ii) financial integration (Banking Union) to improve market confidence ...

This note focusses on selected policy issues as outlined in the Five Presidents’ Report and which are relevant for parliamentary work. The note provides an overview of the main steps undertaken and of the proposals planned to make EMU more resilient to shocks by addressing the policy and governance challenges unveiled by the financial crisis. These include: i) labour and product market reforms to rise long-term productivity and growth; ii) financial integration (Banking Union) to improve market confidence in banks, stabilize financial markets, eliminate fragmentation and cut the sovereign-bank negative feedback; iii) plans for a Capital Market Union to enhance market-based financing to the economy, diversify the sources of financing, thereby spreading the impact and risks of financial shocks; iv) plans for a Fiscal Union or fiscal capacity as a macroeconomic stabilization tool against income shocks. Fiscal union is politically challenging as it involves ceding even more sovereignty from national levels to the euro-area level and is, therefore, strongly connected with political integration (Political Union). The note is complementary to the document “Institutions and Bodies in the Economic and Monetary Union”, which provides an overview of the governance framework of EMU.

Enhancing the Legitimacy of EMU Governance

15-12-2014

This study investigates ways to enhance the legitimacy of economic governance in the Economic and Monetary Union (EMU) without introducing Treaty changes. It suggests changes in the governance framework at both the institutional and economic level. Input-oriented legitimacy can be improved by increasing parliamentary oversight on decisions related to EMU and increasing the accountability of the Eurogroup. Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce the ...

This study investigates ways to enhance the legitimacy of economic governance in the Economic and Monetary Union (EMU) without introducing Treaty changes. It suggests changes in the governance framework at both the institutional and economic level. Input-oriented legitimacy can be improved by increasing parliamentary oversight on decisions related to EMU and increasing the accountability of the Eurogroup. Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce the emergence of negative externalities and to mitigate their impact, through market and fiscal risk-sharing mechanisms. This study was requested by the EP's Committee on Economic and Monetary Affairs (ECON).

Options for the ECB’s Monetary Policy Strategy Review

25-09-2020

The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document ...

The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Externe Autor

Yvan LENGWILER, Athanasios ORPHANIDES

Introduction to the fiscal framework of the EU: The Maastricht Treaty, the Treaty on Stability, Coordination and Governance, and the Stability and Growth Pact

08-02-2021

Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic ...

Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic governance, seeking in particular to establish how effective the surveillance provisions have been in achieving their objectives. This paper aims to provide an introduction to the Union's economic governance, starting from a brief overview of the economic literature, and concluding with a look at possible developments that might follow from the review, not least examining the various calls for its amendment that have been put on the table. While the Commission's review has been put to one side while the immediate issues of the coronavirus pandemic are addressed, the economic consequences of the pandemic are themselves changing the context for the review.

Deepening EMU and fiscal union: Risk sharing versus risk reduction

14-07-2017

The debate on how to deepen economic and monetary union (EMU) is in full swing, despite gradual recovery since 2015 from the 2007-2008 crisis. There is controversy surrounding whether delegation of monetary sovereignty to EMU necessarily entails some euro-area fiscal stabilisation competences and, if so, what kind. Proposals for such a mechanism range from (re)insurance solutions, investment strategies and funding instruments, to actual budgetary competence for the euro area. Current research supports ...

The debate on how to deepen economic and monetary union (EMU) is in full swing, despite gradual recovery since 2015 from the 2007-2008 crisis. There is controversy surrounding whether delegation of monetary sovereignty to EMU necessarily entails some euro-area fiscal stabilisation competences and, if so, what kind. Proposals for such a mechanism range from (re)insurance solutions, investment strategies and funding instruments, to actual budgetary competence for the euro area. Current research supports a stronger EMU fiscal union and the introduction of stabilising policy instruments. However, the capacity to absorb future shocks will also depend on the ability to off-set diverging trends between Member States, caused by different economic systems and labour market institutions. Despite recent signs of economic recovery, divergence may prove difficult to reverse. In June 2015, the Five Presidents' Report contributed to the debate about a euro-area 'fiscal union' by suggesting the development of a fiscal stabilisation function by 2025. Initially announced as a white paper, the European Commission's reflection paper on the 'deepening of the economic and monetary union', presented on 31 May 2017, does not formulate concrete steps, as envisaged in the 2015 report. Instead it offers four guiding principles on how to build the future EMU architecture. 'At the latest' by 2025, a 'central stabilisation function' could take the form of a European investment protection scheme or a European unemployment reinsurance scheme. This briefing is one in a series on the European Commission's reflection papers following up the March 2017 White Paper on the future of Europe.

Economic Governance in the EMU: Stocktaking and Possible Developments

08-12-2015

The debate on the way to further enhance the economic governance in the Economic and Monetary Union (EMU) will remain on top of the European policy agenda in the foreseeable future. This note gives a short description of the state-of-play and possible developments of various governance instruments of EMU. This note is an update on an earlier version published on 22 June 2015.

The debate on the way to further enhance the economic governance in the Economic and Monetary Union (EMU) will remain on top of the European policy agenda in the foreseeable future. This note gives a short description of the state-of-play and possible developments of various governance instruments of EMU. This note is an update on an earlier version published on 22 June 2015.

The Economic Governance Framework of EMU: Stocktaking of Building Blocks

22-06-2015

The debate on the way to further enhance the economic governance in the Economic and Monetary Union (EMU) will be part of the policy agenda during spring 2015. This note gives a short description of the state-of-play and possible developments of various governance instruments of EMU.

The debate on the way to further enhance the economic governance in the Economic and Monetary Union (EMU) will be part of the policy agenda during spring 2015. This note gives a short description of the state-of-play and possible developments of various governance instruments of EMU.

EMU reform and the ‘new normal’ for monetary policy

29-11-2018

The European Central Bank may already be facing the next crisis in the euro area but is still deploying the tools of unconventional monetary policy from the last crisis. This brief looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help the euro area economy. Additionally, given the complexity of money and the effects of expectations, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. ...

The European Central Bank may already be facing the next crisis in the euro area but is still deploying the tools of unconventional monetary policy from the last crisis. This brief looks at the ECB as an institution amongst institutions and shows how even more unconventional approaches will not help the euro area economy. Additionally, given the complexity of money and the effects of expectations, expanding the ECB’s unconventional arsenal is likely to have deleterious consequences across Europe. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Externe Autor

Christopher A. Hartwell, CASE

Challenges ahead for EMU monetary policy

16-09-2019

With the economic slowdown in the euro area, questions arise as to whether the ECB retains some economic and political margins for manoeuvre after a decade of active policies. In this note, we highlight three possible monetary policy developments. We discuss their pros and cons according to four dimensions: political constraints, technical constraints, independence and interactions with fiscal policy.

With the economic slowdown in the euro area, questions arise as to whether the ECB retains some economic and political margins for manoeuvre after a decade of active policies. In this note, we highlight three possible monetary policy developments. We discuss their pros and cons according to four dimensions: political constraints, technical constraints, independence and interactions with fiscal policy.

Externe Autor

Christophe Blot, Jérôme Creel & Paul Hubert

Convergence in EMU: What and How?

03-05-2018

Convergence is one of the key goals of the European Union and has been at the centre of many recent debates. This paper strives to identify the types of convergence that are pivotal to the well-functioning of the euro area and discusses their role in the context of the EMU’s governance framework. Evidence suggests that key economic indicators have converged for some member states before coming to a halt (or even diverge) with the onset of the global financial and euro area debt crises. As economic ...

Convergence is one of the key goals of the European Union and has been at the centre of many recent debates. This paper strives to identify the types of convergence that are pivotal to the well-functioning of the euro area and discusses their role in the context of the EMU’s governance framework. Evidence suggests that key economic indicators have converged for some member states before coming to a halt (or even diverge) with the onset of the global financial and euro area debt crises. As economic convergence depends mostly on the policies of the member states, we call for a strengthening of national responsibility for structural reforms. We discuss strengths and shortcomings of the recently proposed reform delivery tool and present our proposal of ‘national convergence roadmaps’. We propose that member states can apply for resources from the European Structural and Investment Funds by committing to convergence targets and submitting reform plans in the context of the European Semester. If positively assessed by the European Commission and approved by the Council, the reform efforts could be financially rewarded – conditional on the potential for positive spill-overs, continuous implementation of the reforms and achievement of the convergence targets.

Externe Autor

M. Dolls, C. Fuest, C. Krolage, F. Neumeier, D. Stöhlker

Anstehende Veranstaltungen

25-10-2021
European Gender Equality Week - October 25-28, 2021
Andere Veranstaltung -
FEMM AFET DROI SEDE DEVE BUDG CONT ECON EMPL ITRE TRAN AGRI PECH CULT JURI PETI
25-10-2021
Capacity for proper expenditure controls of the increased budget of the MFF and NGEU
Anhörung -
CONT
25-10-2021
Ninth meeting of the Joint Parliamentary Scrutiny Group on Europol, 25-26 October
Andere Veranstaltung -
LIBE

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