{"id":117550,"date":"2024-01-22T20:34:11","date_gmt":"2024-01-22T19:34:11","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/117550\/"},"modified":"2024-11-07T04:47:58","modified_gmt":"2024-11-07T03:47:58","slug":"towards-a-new-emu","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/117550\/","title":{"rendered":"Towards a New EMU"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-117550","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The global financial and economic crisis in 2008-09 followed by a \"Euro crisis\" \u2013 not a crisis of the Euro but a sovereign debt (and\/or banking) crisis in some Euro countries \u2013 forced to reforms of the asymmetric policy design of the Economic and Monetary Union (EMU). Starting with ad-hoc rescue operations for Greece, Ireland and Portugal a whole bunch of reform steps were necessary to make the Euro area \"crisis-proof\" for the future. Whether the measures taken are already enough to make the EMU better functioning in future crises is an open question. Nevertheless, the crisis proved to act like Schumpeter's \"process of creative destruction\": the old (not crisis-proof) institutional set-up has been gradually changed towards a more centralised fiscal policy at EU\/Euro area level within a new EMU economic governance. Besides the improvement of the policy instruments of the \"Economic Union\" of EMU, also the ECB with its monetary policy entered more and more into the role of a lender of last resort of the banking sector. More far-reaching plans (that of Barroso and of Van Rompuy) are already on the table which should transform the European Union from a \"Fiscal and Transfer Union\" over a \"Banking Union\" into a genuine EMU with the final goal of a \"Political Union\", not to mention the \"United States of Europe\" (USE).","onlinedate":"2012-03-06 01:00:00","lang":"English","publication_series":"","publication_date":"20130301","publication_date_year":"","publication_date_full":false,"publication_num_pages":"72","keywords":"[\"EU\",\"Economic and Monetary Union\",\"European Integration\",\"Eurozone\"]","jelcodes":"[]","related_publications":"[]","pdf":347334,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"447","journal":"WIFO Working Papers","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44410],"research_groups":[3500],"collaboration":"","persons":[3917],"persons_data":"[{\"personId\":3917,\"personName\":\"Fritz Breuss\",\"organisationNames\":[]}]","clients":[],"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_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Breuss, F.<\\\/span> (2013). <span>Towards a New EMU<\\\/span>. <span><em>WIFO Working Papers<\\\/em><\\\/span>, (447). <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/46460\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/46460<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Breuss F<\\\/span>. <span class=\\\"title\\\"><span>Towards a New EMU<\\\/span><\\\/span>. <span>WIFO Working Papers<\\\/span>. 2013 Mar;(447).<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{6692221a79cb40859693cc6b4a5e2e2d,<\\\/div><div>  title    = \\\"Towards a New EMU\\\",<\\\/div><div>  abstract = \\\"The global financial and economic crisis in 2008-09 followed by a {\\\"}Euro crisis{\\\"} \u2013 not a crisis of the Euro but a sovereign debt (and\\\/or banking) crisis in some Euro countries \u2013 forced to reforms of the asymmetric policy design of the Economic and Monetary Union (EMU). Starting with ad-hoc rescue operations for Greece, Ireland and Portugal a whole bunch of reform steps were necessary to make the Euro area {\\\"}crisis-proof{\\\"} for the future. Whether the measures taken are already enough to make the EMU better functioning in future crises is an open question. Nevertheless, the crisis proved to act like Schumpeter's {\\\"}process of creative destruction{\\\"}: the old (not crisis-proof) institutional set-up has been gradually changed towards a more centralised fiscal policy at EU\\\/Euro area level within a new EMU economic governance. Besides the improvement of the policy instruments of the {\\\"}Economic Union{\\\"} of EMU, also the ECB with its monetary policy entered more and more into the role of a lender of last resort of the banking sector. More far-reaching plans (that of Barroso and of Van Rompuy) are already on the table which should transform the European Union from a {\\\"}Fiscal and Transfer Union{\\\"} over a {\\\"}Banking Union{\\\"} into a genuine EMU with the final goal of a {\\\"}Political Union{\\\"}, not to mention the {\\\"}United States of Europe{\\\"} (USE).\\\",<\\\/div><div>  keywords = \\\"EU, Economic and Monetary Union, European Integration, Eurozone, EU, Economic and Monetary Union, European Integration, Eurozone\\\",<\\\/div><div>  author   = \\\"Fritz Breuss\\\",<\\\/div><div>  year     = \\\"2013\\\",<\\\/div><div>  month    = mar,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  journal  = \\\"WIFO Working Papers\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Towards a New EMU<\\\/p><p>AU  - Breuss, Fritz<\\\/p><p>PY  - 2013\\\/3<\\\/p><p>Y1  - 2013\\\/3<\\\/p><p>N2  - The global financial and economic crisis in 2008-09 followed by a \\\"Euro crisis\\\" \u2013 not a crisis of the Euro but a sovereign debt (and\\\/or banking) crisis in some Euro countries \u2013 forced to reforms of the asymmetric policy design of the Economic and Monetary Union (EMU). Starting with ad-hoc rescue operations for Greece, Ireland and Portugal a whole bunch of reform steps were necessary to make the Euro area \\\"crisis-proof\\\" for the future. Whether the measures taken are already enough to make the EMU better functioning in future crises is an open question. Nevertheless, the crisis proved to act like Schumpeter's \\\"process of creative destruction\\\": the old (not crisis-proof) institutional set-up has been gradually changed towards a more centralised fiscal policy at EU\\\/Euro area level within a new EMU economic governance. Besides the improvement of the policy instruments of the \\\"Economic Union\\\" of EMU, also the ECB with its monetary policy entered more and more into the role of a lender of last resort of the banking sector. More far-reaching plans (that of Barroso and of Van Rompuy) are already on the table which should transform the European Union from a \\\"Fiscal and Transfer Union\\\" over a \\\"Banking Union\\\" into a genuine EMU with the final goal of a \\\"Political Union\\\", not to mention the \\\"United States of Europe\\\" (USE).<\\\/p><p>AB  - The global financial and economic crisis in 2008-09 followed by a \\\"Euro crisis\\\" \u2013 not a crisis of the Euro but a sovereign debt (and\\\/or banking) crisis in some Euro countries \u2013 forced to reforms of the asymmetric policy design of the Economic and Monetary Union (EMU). Starting with ad-hoc rescue operations for Greece, Ireland and Portugal a whole bunch of reform steps were necessary to make the Euro area \\\"crisis-proof\\\" for the future. Whether the measures taken are already enough to make the EMU better functioning in future crises is an open question. Nevertheless, the crisis proved to act like Schumpeter's \\\"process of creative destruction\\\": the old (not crisis-proof) institutional set-up has been gradually changed towards a more centralised fiscal policy at EU\\\/Euro area level within a new EMU economic governance. Besides the improvement of the policy instruments of the \\\"Economic Union\\\" of EMU, also the ECB with its monetary policy entered more and more into the role of a lender of last resort of the banking sector. More far-reaching plans (that of Barroso and of Van Rompuy) are already on the table which should transform the European Union from a \\\"Fiscal and Transfer Union\\\" over a \\\"Banking Union\\\" into a genuine EMU with the final goal of a \\\"Political Union\\\", not to mention the \\\"United States of Europe\\\" (USE).<\\\/p><p>KW  - EU<\\\/p><p>KW  - Economic and Monetary Union<\\\/p><p>KW  - European Integration<\\\/p><p>KW  - Eurozone<\\\/p><p>KW  - EU<\\\/p><p>KW  - Economic and Monetary Union<\\\/p><p>KW  - European Integration<\\\/p><p>KW  - Eurozone<\\\/p><p>M3  - WIFO series<\\\/p><p>JO  - WIFO Working Papers<\\\/p><p>JF  - WIFO Working Papers<\\\/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) - 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