Deeper Integration of Economic and Monetary Union
The economic crisis has laid open deficiencies in the construction of the European Economic and Monetary Union (EMU). As a consequence, the European Council and the Commission have proposed reforms for the completion of EMU. In a first step towards an integrated Banking Union, a lighter version of a...| Link(s) zu Dokument(en): | WIFO Publikation |
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| Veröffentlicht in: | Austrian Economic Quarterly |
| Hauptverfasser: | , |
| Format: | article |
| Sprache: | Englisch |
| Veröffentlicht: |
2013
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| Schlagworte: |
| Zusammenfassung: | The economic crisis has laid open deficiencies in the construction of the European Economic and Monetary Union (EMU). As a consequence, the European Council and the Commission have proposed reforms for the completion of EMU. In a first step towards an integrated Banking Union, a lighter version of a common bank supervision has been agreed. However, key elements to secure the stability of the euro area are still missing. Measures taken under the acute pressure of the crisis are confined to structural reforms and have de facto suspended the operation of automatic stabilisers in the crisis countries. |
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