The Pursuit of Stability of the Euro Area as a Whole: The Reform of the European Economic Union and Perspectives of Fiscal Integration, Lionello Luca

Автор: Luca Lionello
Название: The Pursuit of Stability of the Euro Area as a Whole
ISBN: 3030280446 ISBN-13(EAN): 9783030280444
Издательство: Springer
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Цена: 121110.00 T
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Описание: This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

Автор: Helge Berger, Giovanni Dell`Ariccia, Maurice Obstfeld
Название: Revisiting the Economic Case for Fiscal Union in the Euro Area
ISBN: 1484340426 ISBN-13(EAN): 9781484340424
Издательство: Mare Nostrum (Eurospan)
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Цена: 23100.00 T
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Описание: The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

Автор: Ritzen Jo
Название: A Second Chance for Europe: Economic, Political and Legal Perspectives of the European Union
ISBN: 3319862332 ISBN-13(EAN): 9783319862330
Издательство: Springer
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Цена: 65210.00 T
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Описание: This book calls upon us to rethink and reboot the European Union. and the need to use education to foster a European identity. Given the sum total of these vulnerabilities, the book argues, the EU may not survive beyond 2025 in its present form - that is, unless decisive action is taken.