Die Bilanz über 10 Jahre WWU ist ambivalent. Zum einen trug die Einführung der gemeinsamen Währung zur Preisstabilisierung
bei, der Euro etablierte sich neben dem Dollar als zweite Weltwährung. Die WWU begünstigte auch den Handel innerhalb des Euro-Raums.
Zum anderen blieb der erwartete Wachstumsbonus bisher aus. Trotz der komplizierten, asymmetrischen wirtschaftspolitischen
Architektur der WWU haben die Institutionen während der internationalen Finanzkrise gut und rasch zusammengearbeitet und versucht,
durch ein möglichst koordiniertes Vorgehen den Schaden für den Finanzsektor und die Konjunktur abzufedern.
Forschungsbereich:Makroökonomie und öffentliche Finanzen
Sprache:Deutsch
Ten Years of EMU – Achievements, Drawbacks and Challenges
The assessment of ten years of EMU remains ambivalent. On the one hand the euro has contributed to price stabilisation and
established itself as the world's second reserve currency besides the dollar. Its introduction has also benefited intra euro
area trade. On the other hand the expected growth bonus has not yet materialised. Economic growth has been more restrained
in the euro area than in countries that are not part of the euro currency area. Despite the complicated and asymmetrical economic
policy design of the EMU the institutions have cooperated well and swiftly during the international financial crisis and have
tried to cushion the damage to the financial sector and economic growth by coordinating their efforts. For some countries
outside the euro area the common currency has gained attractiveness during the crisis. Nevertheless the EMU is facing major
challenges. On the one hand the euro area is to be enlarged to include a maximum of the 27 EU countries. On the other hand
the significant divergence of the euro area countries' competitiveness raises doubts about the cohesion of the EMU. To improve
the effectiveness of a common monetary policy further progress towards a common European business cycle is essential.
