{"id":119052,"date":"2024-01-22T22:18:31","date_gmt":"2024-01-22T21:18:31","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/119052\/"},"modified":"2024-11-07T05:01:39","modified_gmt":"2024-11-07T04:01:39","slug":"reforming-eu-economic-governance-is-more-any-better-wwwforeurope-working-paper-no-57","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/119052\/","title":{"rendered":"Reforming EU Economic Governance: Is \"More\" Any Better? WWWforEurope Working Paper No. 57"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-119052","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Despite significant measures to reinforce the EMU's institutional set-up, there is widespread consensus that more needs to be done in order to better deal with cyclical and structural heterogeneity in the EU. Market-based adjustment mechanisms are necessary but not sufficient to advance convergence along more sustainable growth patterns. In that context, institutional reforms advancing integration in the Euro area are often said to be desirable from an economic point of view, albeit fraught with political difficulties. This paper seeks to provide a fresh outlook on this debate by bringing forward a third, overlooked dimension, namely the feasibility, or \"implementability\", of governance reforms. Like national technocracies, the EU faces the risk of failure whereby the creation of institutions or the introduction of new policies do not always bring about the expected outcomes. The paper develops a multi-criteria analytical framework to assess three possible innovations of economic governance: rule-based wage coordination, contractual arrangements for reforms, and a stabilisation fund for the Euro area. The \"robustness\" of any proposal seeking to increase the EU's interference into national policy-making should start with a clear economic justification, while taking the dynamics of national preferences into account. However, the risks of moral hazard and institutional barriers should also be systematically internalised in the assessment.","onlinedate":"2014-04-02 02:00:00","lang":"English","publication_series":"WWWforEurope: Welfare, Wealth and Work for Europe","publication_date":"20140301","publication_date_year":"","publication_date_full":false,"publication_num_pages":"49","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":352615,"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":[3500],"collaboration":"","persons":[11239,4895,12459],"persons_data":"[{\"personId\":11239,\"personName\":\"Renaud Thillaye\",\"organisationNames\":[\"Policy Network\"]},{\"personId\":4895,\"personName\":\"Lud\u011bk Kouba\",\"organisationNames\":[]},{\"personId\":12459,\"personName\":\"Andreas Sachs\",\"organisationNames\":[\"ZEW\"]}]","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\\\">Thillaye, R.<span>, Kouba, L.<\\\/span>, &amp; Sachs, A. (2014). <span><em>Reforming EU Economic Governance: Is \\\"More\\\" Any Better? WWWforEurope Working Paper No. 57<\\\/em><\\\/span>. (WWWforEurope: Welfare, Wealth and Work for Europe). WIFO, Policy Network, Centre for European Economic Research. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47203\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47203<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_bookanthology rendering_vancouver rendering_bookanthology_vancouver\\\">Thillaye R<span>, Kouba L<\\\/span>, Sachs A. <span class=\\\"title\\\"><span>Reforming EU Economic Governance: Is \\\"More\\\" Any Better? WWWforEurope Working Paper No. 57<\\\/span><\\\/span>. WIFO, Policy Network, Centre for European Economic Research; 2014.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_bookanthology rendering_bibtex rendering_bookanthology_bibtex\\\"><div>@book{d49fb0f948be4215aa58c4ec17691cb4,<\\\/div><div>  title     = \\\"Reforming EU Economic Governance: Is {\\\"}More{\\\"} Any Better? WWWforEurope Working Paper No. 57\\\",<\\\/div><div>  abstract  = \\\"Despite significant measures to reinforce the EMU's institutional set-up, there is widespread consensus that more needs to be done in order to better deal with cyclical and structural heterogeneity in the EU. Market-based adjustment mechanisms are necessary but not sufficient to advance convergence along more sustainable growth patterns. In that context, institutional reforms advancing integration in the Euro area are often said to be desirable from an economic point of view, albeit fraught with political difficulties. This paper seeks to provide a fresh outlook on this debate by bringing forward a third, overlooked dimension, namely the feasibility, or {\\\"}implementability{\\\"}, of governance reforms. Like national technocracies, the EU faces the risk of failure whereby the creation of institutions or the introduction of new policies do not always bring about the expected outcomes. The paper develops a multi-criteria analytical framework to assess three possible innovations of economic governance: rule-based wage coordination, contractual arrangements for reforms, and a stabilisation fund for the Euro area. The {\\\"}robustness{\\\"} of any proposal seeking to increase the EU's interference into national policy-making should start with a clear economic justification, while taking the dynamics of national preferences into account. However, the risks of moral hazard and institutional barriers should also be systematically internalised in the assessment.\\\",<\\\/div><div>  author    = \\\"Renaud Thillaye and Lud{\\\\v e}k Kouba and Andreas Sachs\\\",<\\\/div><div>  note      = \\\"Reforming EU Economic Governance\\\",<\\\/div><div>  year      = \\\"2014\\\",<\\\/div><div>  month     = mar,<\\\/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  - Reforming EU Economic Governance: Is \\\"More\\\" Any Better? WWWforEurope Working Paper No. 57<\\\/p><p>AU  - Thillaye, Renaud<\\\/p><p>AU  - Kouba, Lud\u011bk<\\\/p><p>AU  - Sachs, Andreas<\\\/p><p>N1  - Reforming EU Economic Governance<\\\/p><p>PY  - 2014\\\/3<\\\/p><p>Y1  - 2014\\\/3<\\\/p><p>N2  - Despite significant measures to reinforce the EMU's institutional set-up, there is widespread consensus that more needs to be done in order to better deal with cyclical and structural heterogeneity in the EU. Market-based adjustment mechanisms are necessary but not sufficient to advance convergence along more sustainable growth patterns. In that context, institutional reforms advancing integration in the Euro area are often said to be desirable from an economic point of view, albeit fraught with political difficulties. This paper seeks to provide a fresh outlook on this debate by bringing forward a third, overlooked dimension, namely the feasibility, or \\\"implementability\\\", of governance reforms. Like national technocracies, the EU faces the risk of failure whereby the creation of institutions or the introduction of new policies do not always bring about the expected outcomes. The paper develops a multi-criteria analytical framework to assess three possible innovations of economic governance: rule-based wage coordination, contractual arrangements for reforms, and a stabilisation fund for the Euro area. The \\\"robustness\\\" of any proposal seeking to increase the EU's interference into national policy-making should start with a clear economic justification, while taking the dynamics of national preferences into account. However, the risks of moral hazard and institutional barriers should also be systematically internalised in the assessment.<\\\/p><p>AB  - Despite significant measures to reinforce the EMU's institutional set-up, there is widespread consensus that more needs to be done in order to better deal with cyclical and structural heterogeneity in the EU. Market-based adjustment mechanisms are necessary but not sufficient to advance convergence along more sustainable growth patterns. In that context, institutional reforms advancing integration in the Euro area are often said to be desirable from an economic point of view, albeit fraught with political difficulties. This paper seeks to provide a fresh outlook on this debate by bringing forward a third, overlooked dimension, namely the feasibility, or \\\"implementability\\\", of governance reforms. Like national technocracies, the EU faces the risk of failure whereby the creation of institutions or the introduction of new policies do not always bring about the expected outcomes. The paper develops a multi-criteria analytical framework to assess three possible innovations of economic governance: rule-based wage coordination, contractual arrangements for reforms, and a stabilisation fund for the Euro area. The \\\"robustness\\\" of any proposal seeking to increase the EU's interference into national policy-making should start with a clear economic justification, while taking the dynamics of national preferences into account. However, the risks of moral hazard and institutional barriers should also be systematically internalised in the assessment.<\\\/p><p>M3  - Study<\\\/p><p>T3  - WWWforEurope: Welfare, Wealth and Work for Europe<\\\/p><p>BT  - Reforming EU Economic Governance: Is \\\"More\\\" Any Better? WWWforEurope Working Paper No. 57<\\\/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>Reforming EU Economic Governance: Is &quot;More&quot; Any Better? WWWforEurope Working Paper No. 57 - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/119052\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reforming EU Economic Governance: Is &quot;More&quot; Any Better? 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