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Are better defined rules enough? An assessment of the post-crisis reforms of the governance of EMU

Begg, Iain (2013) Are better defined rules enough? An assessment of the post-crisis reforms of the governance of EMU. Transfer: European Review of Labour and Research, 19 (1). pp. 49-62. ISSN 1024-2589

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Identification Number: 10.1177/1024258912469346


The extensive economic governance reforms in the euro area since 2010 have put in place a system (EMU 2) that is intended to be more intrusive, prescriptive and enforceable in constraining Member State economic policies. It can be characterized as a recasting of the stability-orientated framework which is intended to correct the acknowledged shortcomings of the original set-up (EMU 1), but does not fundamentally alter the policy model. Rather its ambition is to be more effective, notably in implementation. This article revisits the economic arguments for monetary integration and considers whether the core features of the new model and the economic logic that underpins them will improve the governance of EMU in assuring macroeconomic stability. It draws attention to remaining gaps in the governance system and discusses possible further reforms

Item Type: Article
Official URL:
Additional Information: © 2013 The Author
Divisions: European Institute
Subjects: H Social Sciences > HG Finance
J Political Science > JN Political institutions (Europe)
J Political Science > JZ International relations
JEL classification: G - Financial Economics > G2 - Financial Institutions and Services > G20 - General
Sets: Departments > European Institute
Date Deposited: 05 Feb 2013 09:50
Last Modified: 20 Apr 2021 02:23
Projects: 266833
Funders: European Commission’s Seventh Framework Programme for research

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