{"id":54335,"date":"2023-12-01T18:20:18","date_gmt":"2023-12-01T17:20:18","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/die-europaeische-waehrungsunion-im-wandel\/"},"modified":"2024-11-07T06:14:44","modified_gmt":"2024-11-07T05:14:44","slug":"die-europaeische-waehrungsunion-im-wandel","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/54335\/","title":{"rendered":"The European Monetary Union in Transition"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-54335","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"In the wake of the global financial crisis, a complex debate has taken place on the need to complete the European Monetary Union architecture. The article presents the state of this debate on the institutional role of the ECB in times of low interest rates and on the institutional basis of fiscal policy in the currency union and discusses the obstacles to the completion of the Banking and Capital Market Union. Although important institutional reforms were implemented during the crisis in the euro area, it has since become increasingly difficult to find a consensus for new solutions. Specific aspects of the architecture of Monetary Union are currently being re-examined, as concerns about the resilience of existing arrangements in a new crisis have been raised.","onlinedate":"2020-03-10 12:00:00","lang":"German","publication_series":"","publication_date":"20200301","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":381593,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"93","monthly_report_pages":"165-175","monthly_report_pages_sort":"165","issue":"3","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2020-03-10 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[3497],"persons_data":"[{\"personId\":3497,\"personName\":\"Atanas Pekanov\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[40979],"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>Pekanov, A.<\\\/span> (2020). <span>Die Europ\u00e4ische W\u00e4hrungsunion im Wandel<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>93<\\\/em>(3), 165-175. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/65832\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/65832<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Pekanov A<\\\/span>. <span class=\\\"title\\\"><span>Die Europ\u00e4ische W\u00e4hrungsunion im Wandel<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2020 Mar;93(3):165-175.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{7174ae03cee140d381dc9f1b93ad3af5,<\\\/div><div>  title    = \\\"Die Europ{\\\\\\\"a}ische W{\\\\\\\"a}hrungsunion im Wandel\\\",<\\\/div><div>  abstract = \\\"In der Folge der weltweiten Finanzkrise entwickelte sich eine komplexe Debatte {\\\\\\\"u}ber die Notwendigkeit der Vollendung der Europ{\\\\\\\"a}ischen W{\\\\\\\"a}hrungsunion. Der Beitrag pr{\\\\\\\"a}sentiert den Diskussionsstand zur institutionellen Rolle der EZB in Zeiten niedriger Zinss{\\\\\\\"a}tze sowie zu institutionellen Grundlagen der Fiskalpolitik in der W{\\\\\\\"a}hrungsunion und er{\\\\\\\"o}rtert die Hindernisse f{\\\\\\\"u}r die Vollendung der Banken- und Kapitalmarktunion. Obwohl w{\\\\\\\"a}hrend der Krise im Euro-Raum wichtige institutionelle Reformen umgesetzt wurden, ist es seither zunehmend schwieriger, f{\\\\\\\"u}r neue L{\\\\\\\"o}sungen einen Konsens zu finden. Spezifische Aspekte der Architektur der W{\\\\\\\"a}hrungsunion werden derzeit wieder verst{\\\\\\\"a}rkt untersucht, da Bedenken hinsichtlich der Resilienz der bestehenden Arrangements in einer neuerlichen Krise bestehen.\\\",<\\\/div><div>  keywords = \\\"W{\\\\\\\"a}hrungsunion, Geldpolitik, Fiskalregeln, Eurobonds\\\",<\\\/div><div>  author   = \\\"Atanas Pekanov\\\",<\\\/div><div>  note     = \\\"Europ{\\\\\\\"a}ische W{\\\\\\\"a}hrungsunion\\\",<\\\/div><div>  year     = \\\"2020\\\",<\\\/div><div>  month    = mar,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"93\\\",<\\\/div><div>  pages    = \\\"165--175\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/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  - Die Europ\u00e4ische W\u00e4hrungsunion im Wandel<\\\/p><p>AU  - Pekanov, Atanas<\\\/p><p>N1  - Europ\u00e4ische W\u00e4hrungsunion<\\\/p><p>PY  - 2020\\\/3<\\\/p><p>Y1  - 2020\\\/3<\\\/p><p>N2  - In der Folge der weltweiten Finanzkrise entwickelte sich eine komplexe Debatte \u00fcber die Notwendigkeit der Vollendung der Europ\u00e4ischen W\u00e4hrungsunion. Der Beitrag pr\u00e4sentiert den Diskussionsstand zur institutionellen Rolle der EZB in Zeiten niedriger Zinss\u00e4tze sowie zu institutionellen Grundlagen der Fiskalpolitik in der W\u00e4hrungsunion und er\u00f6rtert die Hindernisse f\u00fcr die Vollendung der Banken- und Kapitalmarktunion. Obwohl w\u00e4hrend der Krise im Euro-Raum wichtige institutionelle Reformen umgesetzt wurden, ist es seither zunehmend schwieriger, f\u00fcr neue L\u00f6sungen einen Konsens zu finden. Spezifische Aspekte der Architektur der W\u00e4hrungsunion werden derzeit wieder verst\u00e4rkt untersucht, da Bedenken hinsichtlich der Resilienz der bestehenden Arrangements in einer neuerlichen Krise bestehen.<\\\/p><p>AB  - In der Folge der weltweiten Finanzkrise entwickelte sich eine komplexe Debatte \u00fcber die Notwendigkeit der Vollendung der Europ\u00e4ischen W\u00e4hrungsunion. Der Beitrag pr\u00e4sentiert den Diskussionsstand zur institutionellen Rolle der EZB in Zeiten niedriger Zinss\u00e4tze sowie zu institutionellen Grundlagen der Fiskalpolitik in der W\u00e4hrungsunion und er\u00f6rtert die Hindernisse f\u00fcr die Vollendung der Banken- und Kapitalmarktunion. Obwohl w\u00e4hrend der Krise im Euro-Raum wichtige institutionelle Reformen umgesetzt wurden, ist es seither zunehmend schwieriger, f\u00fcr neue L\u00f6sungen einen Konsens zu finden. Spezifische Aspekte der Architektur der W\u00e4hrungsunion werden derzeit wieder verst\u00e4rkt untersucht, da Bedenken hinsichtlich der Resilienz der bestehenden Arrangements in einer neuerlichen Krise bestehen.<\\\/p><p>KW  - W\u00e4hrungsunion<\\\/p><p>KW  -  Geldpolitik<\\\/p><p>KW  -  Fiskalregeln<\\\/p><p>KW  -  Eurobonds<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 93<\\\/p><p>SP  - 165<\\\/p><p>EP  - 175<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/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>The European Monetary Union in Transition - 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\/54335\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The European Monetary Union in Transition\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/54335\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T05:14:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54335\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/54335\\\/\",\"name\":\"The European Monetary Union in Transition - 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