Governing the Euro Area in Good Times and Bad

Abstract

Can the euro area survive without a more centralized economic policy? What lessons can be drawn from Economic and Monetary Union about new modes of policy-making in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor in its own right? This book explores these three key questions through an in-depth analysis of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy and international political economy, it examines: Economic and Monetary Union's break from the Community method of policy-making; the European Central Bank's ambivalence about the pursuit of ever closer union; the Eurogroup's rise and fall as a forum for economic policy coordination; the interplay between national fiscal institutions and the stability and growth pact; the broad economic policy guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and current debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level. 1. INTRODUCTION. The organisation of fiscal policy in the euro area has evolved over time along a trial-and-error process, ... improve in good times and deteriorate in bad times. ... GOVERNING THE AGGREGATE FISCAL STANCE. 4.1 The. Available in the National Library of Australia collection. Author: Hodson, Dermot; Format: Book; x, 170 p. : ill. ; 24 cm. pricing of risk or the pricing of a re-denomination risk of euro area bonds during the. European. Keywords: sovereign spreads; fiscal policy; time-varying coefficients. 1 This paper ... governing the amount of time-variation in the unobserved states, is fixed, in each regression, to ... actually be good (bad) news to investors. eBooks Governing The Euro Area In Good Times And Bad is available on PDF,. ePUB and DOC format. You can directly download and save in in to your. 19 Feb 2015. The Treaty expands the scope of decisions on which the euro area. Hodson, D. (2011), Governing the euro area in good times and bad. 31 Jan 2017. Consumer prices in the euro area jump most since early 2013. Amid a push by some German policy makers that it's time to start at least considering. "Rising inflation is bad for consumers, we expect a decline in growth and it. ECB Governing Council member Ewald Nowotny has urged for patience,. 25 May 2017. The Euro area's current "debt restructuring regime". further deep restructuring looks inevitable, this time at the expense of official cr...

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