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Towards a Euro Union | Bruegel
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Elon Musk shows off SpaceX's first Starship rocket as it comes Investing in Space read more. Key Points. The euro area is in a familiar place: Countries exploiting their neighbors with indecently large net exports are calling the shots. A sculpture depicting the Euro logo is pictured in front of the former headquarter of the European Central Bank in Frankfurt, Germany, on Feb. Fiscal consolidation within the European monetary union still remains the order of the day. From the Treaties of Rome January to the Maastricht Treaty November , Europe moved gradually but unambiguously towards closer economic integration — i.
Inherent to the pursuit of the internal market was a need for intra-area exchange rate stability. Given the difficulties, the idea of a single currency, first explored by the Werner Report of , was abandoned. Yet, in the late s and early s, when regional integration made important strides, this idea re-emerged. The single monetary policy was considered as a logical complement to the need for stable exchange rates and the new regime of free capital movement that were implied by the internal market.
Also for that reason, diverse recommendations on more compelling economic and fiscal union, contained in the Delors Report of , were watered down in the less ambitious compromise signed in Maastricht in In the same vein, the version of the Stability and Growth Pact proved too weak and was even watered down in On the whole, a collective failure occurred in the years that preceded the burst of the Eurozone crisis in It had not been sufficiently understood that the euro implied a major discontinuity in the process of European economic integration; the final goals of European integration had, implicitly but compellingly, changed, and had become much more ambitious than completing the internal market with a single currency and monetary policy.
While this fundamental misunderstanding may be interpreted as one of the many factors at the roots of the Eurozone crisis, the crisis in turn acted as a de facto catalyst for the dramatic acceleration we have witnessed in the pace of reform of European governance.
Different views, however, persist about the ingredients of these unions and their depth. The narrative sketched above is captured in Figure 1, which presents a quantitative index of the path of EMU-relevant institutional integration in Europe since the late s see Dorrucci et al. A maximum score of 50 is assigned to each of these periods, with the index starting at 0 on 1 January when the Treaty of Rome entered into force and then making progress up to the current cumulated value of slightly above 76 as of 1 January The gap between — i. Figure 1.
Given the final goal of a fully-fledged common market, this process was not too far from being completed in the early s, though additional work needed and still needs to be done to complete the internal market. Figure 1 also illustrates the major discontinuity in the integration process that was implied by the start of stage two of EMU in Figure 2 zooms on two specific dates in the Union Era, namely May start of the Greek programme and January Clearly, the strongest improvements have been witnessed under the headings of the fiscal and banking unions, whereas more needs to be done as regards the economic union.
Figure 3 completes the picture by showing where all components of the index stand as of 1 January , including in red some elements that have already been decided but not yet implemented. Some interesting conclusions can be drawn:. From an OCA theory perspective, the importance of this cannot be underestimated also from the perspective of the single currency. It has to be seen whether such goals will be taken forward and how.
The intensification of work on plans to complete the existing EMU in order to correct its economic errors and social upheavals soon introduced the keyword "genuine" EMU.
In December , at the height of the European sovereign debt crisis , which revealed a number of weaknesses in the architecture of the EMU, a report entitled "Towards a genuine Economic and Monetary Union" was issued by the four presidents of the Council, European Commission, ECB and Eurogroup.
The report outlined the following roadmap for implementing actions being required to ensure the stability and integrity of the EMU: . The report outlined a roadmap for further deepening of the EMU, meant to ensure a smooth functioning of the currency union and to allow the member states to be better prepared for adjusting to global challenges: . All of the above three stages are envisaged to bring further progress on all four dimensions of the EMU: . From Wikipedia, the free encyclopedia.
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Members of the Eurozone. EU-member with opt-out United Kingdom. The rest of the EU-members. European Union.
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