Contents
List of Figures
Chapter 1
Chapter 2
Chapter 3
Chapter 6
Chapter 12
List of Tables
Chapter 2
Chapter 3
Chapter 8
Chapter 11
Foreword
Introduction
The Long Road Towards the European Monetary Union
Monetary Integration in the View of Maastricht
From the Creation of the Euro to the Sovereign Debt Crisis
The Reforms in the Governance Model of the Euro
Synthesis of the Chapters Included in this Book
Acknowledgments
Chapter 1
The Euro Monetary Union with a Flawed Conceptual Framework
Abstract
1. Introduction
2. A Misconception about the Role of Balance of Payments
3. Misdiagnosis, Virtues, Sins and Asymmetries
4. A Flawed Conceptual Framework and the Mixed-Up Memories
5. You See Recession, I See Inflation
6. Wrong Disease, Wrong Medicine
7. The Unseen Original Sin
Conclusion
References
Chapter 2
The Endogeneity of OCA Conditions and Macroeconomic Imbalances in EMU
Abstract
1. Introduction
2. Empirical Analysis
2.1. The OCA Indices
2.2. OCA Indices and Macroeconomic Imbalances
Conclusion
References
Chapter 3
Trends in Business Cycles Synchronization in the EMU
Abstract
1. Introduction
2. Literature Review
3. Methodology
4. Business Cycles Synchronization
4.1. The Data
4.2. The Results
5. Discussion
6. Sovereign Debt Crisis and Amplification of Asymmetric Shocks in the Eurozone
Conclusion
Annex 1. The Sample of Countries
References
Chapter 4
The Risk of Incomplete Financial Integration in the European Union
Abstract
1. Introduction
2. The Relevance of Financial Integration in a Monetary Union
3. Financial Integration in the Eurozone
3.1. Financial Integration at the Moment of Creation of the Eurozone
3.2. Strengthening of Financial Integration in the Early Years of the Eurozone
3.3. Financial Integration after the Eurozone Crisis
4. Financial Fragmentation in the Eurozone in the Setting of the Sovereign Debt Crisis
Conclusion
References
Chapter 5
Towards a Full Banking Union in Europe: Waiting for the Next Crisis?
Abstract
1. Introduction
2. Why a European Banking Union?
3. Implementing the European Banking Union
4. Challenges and Prospects
Conclusion
References
Chapter 6
Eurozone Governance in the Aftermath of the Crisis: A Proxy for a New Institutional Balance?
Abstract
1. Introduction
2. The (Inevitable) Interplay between the Eurozone Crisis and Institutional Adjustment
3. Outcome (I): Institutional Winners
3.1. The Eurogroup
3.2. The European Central Bank
3.2.1. Monetary Policy Decisions
3.2.2. Quantitative Easing
3.2.3. Constitutional Disruption?
4. Outcome (II): The Institutional Losers?
4.1. The Special Position of the European Commission
4.2. The European Parliament as the Institutional Loser
Conclusion: Eurozone Governance: A New Balance of Powers?
References
Chapter 7
Completing the Economic and Monetary Union: What Economic and Fiscal Governance?
Abstract
1. Introduction
2. The Starting Point
3. The Road Ahead: Now and Then
3.1. The Short-Run
3.2. The Long-Run
4. A Glimpse at Institutional Implications
5. Scope for Reform?
Conclusion
Acknowledgments
References
Chapter 8
What Can and Should We Expect from the EU Budgetary Policy?
Abstract
1. Introduction
2. The EU Logic of Decentralization with a Regulatory Role
3. The Need to Have a New Philosophy of Intervention: Considering the Value Added with EU Integration
4. Trends and Challenges on the Expenditure Side
5. Implications for the Revenues of the Budget
Conclusion
References
Chapter 9
Completing EMU, Deepening the EU*
Abstract
1. Introduction
2. Attempts at Completing EMU during the Crisis
3. What is Most Important in the Next Phase of Institutional Reform?
4. Willingness to Reform at the National Level
4.1. Sustainable Growth
5. The Eurozone as an Anchor for Differentiated Integration after Brexit
Conclusion
References
Chapter 10
Does the European Economic and Monetary Union Require a Social Dimension?
Abstract
1. Introduction
2. The Financial Crisis Revealed an Incomplete European Monetary Union
3. The Impacts of the Economic Crisis and the Need for a Social Dimension
4. Institutional Initiatives to Strengthen the Social Dimension in the Eurozone
5. Financial Mechanisms to Support the Social Dimension in the Eurozone
Conclusion
References
Chapter 11
The Political Union and Its Eurozone Future: Conflictual and Collaborative Commons Governance
Abstract
1. Introduction to the Decade’s Heritage: 2007-2017
2. The Paradoxes of the European Integration Process
3. The Lisbon Treaty’s Heritage and the Hybrid Nature of the European Political System
4. The Federalism Emergency: Doubts and Mysteries at a Time of Crisis
5. Cooperative Federalism and the Multilevel Governance System
6. A Federal Act to a “European Commons” Government System
7. A Federal Single Act for a “European Commons” Government System
Conclusion
References
Chapter 12
On the Scenarios for the Future of the Eurozone
Abstract
1. Introduction
2. The Proposed Scenarios
3. Our Perspective to Anchor a Favorable Scenario
Conclusion
References
About the Editors
About the Contributors
Index
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