{"id":117370,"date":"2024-01-22T20:28:09","date_gmt":"2024-01-22T19:28:09","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/117370\/"},"modified":"2024-11-07T04:46:33","modified_gmt":"2024-11-07T03:46:33","slug":"reconciling-the-short-and-the-long-run-governance-reforms-to-solve-the-crisis-and-beyond-wwwforeurope-policy-brief-no-1","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/117370\/","title":{"rendered":"Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-117370","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The policy brief gives an analytical overview of the institutional changes embarked on by the EU in the aftermath of the sovereign debt crisis, and identifies the emerging trade-offs. Beyond the debate on the effectiveness of policy responses to the crisis, this brief outlines the road taken by European leaders against the backdrop of possible alternatives. The first section analyses the main features of the reformed governance framework and identifies the extent to which this new push towards integration deepens or departs from the post-Maastricht settlement. It will show that the creation of new supervision and insurance tools does not alter fundamentally the disciplinary bias of EMU. In a second section, the brief reviews the recent literature on governance changes and on the direction the EU should take. Two main debates have developed in the last two years, both of them drawing by and large on the optimum currency area (OCA) theory: for some, the Eurozone can carry on with a decentralised governance system provided there is sufficient flexibility and mobility but on a smaller scale; others point to the inevitability of a proper fiscal union, and acknowledge the far-reaching political consequences of it. The third section weaves together the current state of play and alternative scenarios in the light of fundamental dilemmas facing the EU. A first series of trade-offs relates to the type of convergence the Eurozone has been pursuing and to the way its diversity has been handled. A second set of questions looks at institutional routes and aspects of political legitimacy. In the conclusion, the brief demonstrates that this debate is of major significance for prospects of growth and well-being in Europe.","onlinedate":"2012-12-01 01:00:00","lang":"English","publication_series":"WWWforEurope: Welfare, Wealth and Work for Europe","publication_date":"20121201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"13","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":346679,"zip":null,"link":"","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[81966],"research_groups":[3491,3500],"collaboration":"","persons":[4383,3567,11255,11257,11239],"persons_data":"[{\"personId\":4383,\"personName\":\"Karl Aiginger\",\"organisationNames\":[]},{\"personId\":3567,\"personName\":\"Stefan Ederer\",\"organisationNames\":[]},{\"personId\":11255,\"personName\":\"Olaf Cramme\",\"organisationNames\":[]},{\"personId\":11257,\"personName\":\"Roger Liddle\",\"organisationNames\":[]},{\"personId\":11239,\"personName\":\"Renaud Thillaye\",\"organisationNames\":[\"Policy Network\"]}]","clients":[10692,10704,10722,32851],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_bookanthology rendering_apa rendering_bookanthology_apa\\\"><span>Aiginger, K.<\\\/span><span>, Ederer, S.<\\\/span>, Cramme, O., Liddle, R., &amp; Thillaye, R. (2012). <span><em>Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1<\\\/em><\\\/span>. (WWWforEurope: Welfare, Wealth and Work for Europe). WIFO, Policy Network. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/46058\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/46058<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_bookanthology rendering_vancouver rendering_bookanthology_vancouver\\\"><span>Aiginger K<\\\/span><span>, Ederer S<\\\/span>, Cramme O, Liddle R, Thillaye R. <span class=\\\"title\\\"><span>Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1<\\\/span><\\\/span>. WIFO, Policy Network; 2012.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_bookanthology rendering_bibtex rendering_bookanthology_bibtex\\\"><div>@book{6da46cd0936f4ff4994310ac949267e9,<\\\/div><div>  title     = \\\"Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1\\\",<\\\/div><div>  abstract  = \\\"The policy brief gives an analytical overview of the institutional changes embarked on by the EU in the aftermath of the sovereign debt crisis, and identifies the emerging trade-offs. Beyond the debate on the effectiveness of policy responses to the crisis, this brief outlines the road taken by European leaders against the backdrop of possible alternatives. The first section analyses the main features of the reformed governance framework and identifies the extent to which this new push towards integration deepens or departs from the post-Maastricht settlement. It will show that the creation of new supervision and insurance tools does not alter fundamentally the disciplinary bias of EMU. In a second section, the brief reviews the recent literature on governance changes and on the direction the EU should take. Two main debates have developed in the last two years, both of them drawing by and large on the optimum currency area (OCA) theory: for some, the Eurozone can carry on with a decentralised governance system provided there is sufficient flexibility and mobility but on a smaller scale; others point to the inevitability of a proper fiscal union, and acknowledge the far-reaching political consequences of it. The third section weaves together the current state of play and alternative scenarios in the light of fundamental dilemmas facing the EU. A first series of trade-offs relates to the type of convergence the Eurozone has been pursuing and to the way its diversity has been handled. A second set of questions looks at institutional routes and aspects of political legitimacy. In the conclusion, the brief demonstrates that this debate is of major significance for prospects of growth and well-being in Europe.\\\",<\\\/div><div>  author    = \\\"Karl Aiginger and Stefan Ederer and Olaf Cramme and Roger Liddle and Renaud Thillaye\\\",<\\\/div><div>  year      = \\\"2012\\\",<\\\/div><div>  month     = dec,<\\\/div><div>  language  = \\\"English\\\",<\\\/div><div>  series    = \\\"WWWforEurope: Welfare, Wealth and Work for Europe\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_bookanthology rendering_ris rendering_bookanthology_ris\\\"><p>TY  - BOOK<\\\/p><p>T1  - Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1<\\\/p><p>AU  - Aiginger, Karl<\\\/p><p>AU  - Ederer, Stefan<\\\/p><p>AU  - Cramme, Olaf<\\\/p><p>AU  - Liddle, Roger<\\\/p><p>AU  - Thillaye, Renaud<\\\/p><p>PY  - 2012\\\/12<\\\/p><p>Y1  - 2012\\\/12<\\\/p><p>N2  - The policy brief gives an analytical overview of the institutional changes embarked on by the EU in the aftermath of the sovereign debt crisis, and identifies the emerging trade-offs. Beyond the debate on the effectiveness of policy responses to the crisis, this brief outlines the road taken by European leaders against the backdrop of possible alternatives. The first section analyses the main features of the reformed governance framework and identifies the extent to which this new push towards integration deepens or departs from the post-Maastricht settlement. It will show that the creation of new supervision and insurance tools does not alter fundamentally the disciplinary bias of EMU. In a second section, the brief reviews the recent literature on governance changes and on the direction the EU should take. Two main debates have developed in the last two years, both of them drawing by and large on the optimum currency area (OCA) theory: for some, the Eurozone can carry on with a decentralised governance system provided there is sufficient flexibility and mobility but on a smaller scale; others point to the inevitability of a proper fiscal union, and acknowledge the far-reaching political consequences of it. The third section weaves together the current state of play and alternative scenarios in the light of fundamental dilemmas facing the EU. A first series of trade-offs relates to the type of convergence the Eurozone has been pursuing and to the way its diversity has been handled. A second set of questions looks at institutional routes and aspects of political legitimacy. In the conclusion, the brief demonstrates that this debate is of major significance for prospects of growth and well-being in Europe.<\\\/p><p>AB  - The policy brief gives an analytical overview of the institutional changes embarked on by the EU in the aftermath of the sovereign debt crisis, and identifies the emerging trade-offs. Beyond the debate on the effectiveness of policy responses to the crisis, this brief outlines the road taken by European leaders against the backdrop of possible alternatives. The first section analyses the main features of the reformed governance framework and identifies the extent to which this new push towards integration deepens or departs from the post-Maastricht settlement. It will show that the creation of new supervision and insurance tools does not alter fundamentally the disciplinary bias of EMU. In a second section, the brief reviews the recent literature on governance changes and on the direction the EU should take. Two main debates have developed in the last two years, both of them drawing by and large on the optimum currency area (OCA) theory: for some, the Eurozone can carry on with a decentralised governance system provided there is sufficient flexibility and mobility but on a smaller scale; others point to the inevitability of a proper fiscal union, and acknowledge the far-reaching political consequences of it. The third section weaves together the current state of play and alternative scenarios in the light of fundamental dilemmas facing the EU. A first series of trade-offs relates to the type of convergence the Eurozone has been pursuing and to the way its diversity has been handled. A second set of questions looks at institutional routes and aspects of political legitimacy. In the conclusion, the brief demonstrates that this debate is of major significance for prospects of growth and well-being in Europe.<\\\/p><p>M3  - Study<\\\/p><p>T3  - WWWforEurope: Welfare, Wealth and Work for Europe<\\\/p><p>BT  - Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. WWWforEurope Policy Brief No. 1<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Reconciling the Short and the Long Run: Governance Reforms to Solve the Crisis and Beyond. 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