Authors Iain Begg | Gabriel Glöckler | Anke Hassel ... - The Europaeum
Authors Iain Begg | Gabriel Glöckler | Anke Hassel ... - The Europaeum Authors Iain Begg | Gabriel Glöckler | Anke Hassel ... - The Europaeum
44 After the crisis: A new socio-economic settlement for the EU
Chapter 3 Euro area governance and the financial crisis: new quality or flash-in-the-pan? Gabriel Glöckler * For years prior to the move to Stage Three of Economic and Monetary Union (EMU) and soon afterwards, it had been assumed, and expected, that the introduction of the euro would lead to further integration in the sphere of economic policymaking, at least among the euro area member states. 1 The facts tell different story: between 1999 and 2007, the institutional and policy evolution of the euro area economic governance framework has been incremental at best. From monetary union to economic union? A demand-supply analysis With the introduction of the euro, integration in the field of monetary policy has reached its final destination. A single central bank, the ECB – or, to be more precise: a federally-structured central banking system, the Eurosystem – conducts a single monetary policy, sets interest rates and decides on liquidity management for the euro area as a whole. For the purposes of monetary policy, euro area member countries indeed ceased to exist, effectively becoming constituent parts of a larger entity. * The opinions expressed in this paper are those of the author and do not represent the views of the European Central Bank. Any errors or omissions are exclusively the responsibility of the author. Correspondence: gabriel.glockler@ecb.europa.eu. The author would like to thank Gilles Noblet, Wouter Coussens and Marion Salines for their comments. Chapter 3 – Gabriel Glöckler 45
- Page 1 and 2: Authors Iain Begg | Gabriel Glöckl
- Page 4 and 5: Published in 2009 by Policy Network
- Page 6 and 7: 4 After the crisis: A new socio-eco
- Page 8 and 9: 6 After the crisis: A new socio-eco
- Page 10 and 11: Simona Milio is associate director
- Page 12 and 13: Chapter 10 Simona Milio ...........
- Page 14 and 15: Before the crash: the EU as a parti
- Page 16 and 17: liberalisation. The City of London
- Page 18 and 19: of the Financial Services Action Pl
- Page 20 and 21: confidence and world trade, to whic
- Page 22 and 23: following the ECJ’s controversial
- Page 24 and 25: signals are in place to promote a n
- Page 26 and 27: need to be constructed to create ac
- Page 28 and 29: or indeed re-impose, what they rega
- Page 30 and 31: Markets with rules The overall conc
- Page 32 and 33: 30 After the crisis: A new socio-ec
- Page 34 and 35: Target financial stability The EMU
- Page 36 and 37: Belgium, the Netherlands and Luxemb
- Page 38 and 39: mortgage banks and the insurance se
- Page 40 and 41: financial market rules. The ESFS au
- Page 42 and 43: prudential regulation - though only
- Page 44 and 45: initiatives vis-à-vis ratings agen
- Page 48 and 49: Even if membership in a monetary un
- Page 50 and 51: emained relatively contained to spe
- Page 52 and 53: The second channel of functional sp
- Page 54 and 55: But even so, the depth and intensit
- Page 56 and 57: governance in the EU and the euro a
- Page 58 and 59: in the EU show, authorities at the
- Page 60 and 61: factors will remain prevalent and b
- Page 62 and 63: centralised decision-maker. Similar
- Page 64 and 65: 62 After the crisis: A new socio-ec
- Page 66 and 67: (GNI), the interests of the member
- Page 68 and 69: terms only very slowly and as a per
- Page 70 and 71: policy proposal asks itself what th
- Page 72 and 73: ensure that a ceiling is put on the
- Page 74 and 75: Reform of EU expenditure Spending 4
- Page 76 and 77: The medium-term financial framework
- Page 78 and 79: unanimity. The need to obtain the c
- Page 80 and 81: therefore, was weakening the Europe
- Page 82 and 83: for the signing of the strict and d
- Page 84 and 85: Since then, member states have name
- Page 86 and 87: in the world monetary system. It al
- Page 88 and 89: a Treaty that not only ignores trad
- Page 90 and 91: 88 After the crisis: A new socio-ec
- Page 92 and 93: Firstly, they should include policy
- Page 94 and 95: emanate from demographic trends. Ho
44<br />
After the crisis: A new socio-economic settlement for the EU
Change language