Arbeitspapier

Quo vadis, euroland? European Monetary Union between crisis and reform

This lecture discusses the 2010 crisis of the European Monetary Union and draws some lessons for reform. Crisis resolution has been difficult because the sovereign debt crisis of countries like Greece and Portugal has come together with real-estate and banking crises in countries like Ireland and Spain and bank vulnerability in countries like Germany and France. Failure to disentangle and resolve the different crises prevents a satisfactory approach to the long-term reform of governance of sovereign borrowing and banking. Any such reform must find a substitute for the discipline that exchange rate mechanisms impose on sovereign borrowers and their lenders when the currency is national. Any mechanism for imposing discipline on sovereign borrowers and their lenders must be designed so that enforcement is credible even in a crisis. Recommendations for reform include (i) an inclusion of sovereign exposure from too-big-to-fail concerns in banking in monitoring of fiscal stance, (ii) independence of bank supervisors from their respective political authorities, and (iii) a strengthening of the powers of the European Supervisory Authorities over the national supervisors.

Sprache
Englisch

Erschienen in
Series: Preprints of the Max Planck Institute for Research on Collective Goods ; No. 2011,12

Klassifikation
Wirtschaft
Financial Institutions and Services: Government Policy and Regulation
International Agreements and Observance; International Organizations
International Monetary Arrangements and Institutions
Financial Aspects of Economic Integration
Thema
European Monetary Union
sovereign debt crisis
bank supervision
Öffentliche Schulden
Staatsbankrott
Finanzmarktkrise
Bankenkrise
Europäische Wirtschafts- und Währungsunion
EU-Stabilitätspakt
Bankenpolitik
Bankenaufsicht
EU-Politik
Eurozone
EU-Staaten

Ereignis
Geistige Schöpfung
(wer)
Hellwig, Martin
Ereignis
Veröffentlichung
(wer)
Max Planck Institute for Research on Collective Goods
(wo)
Bonn
(wann)
2011

Handle
Letzte Aktualisierung
10.03.2025, 11:42 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Hellwig, Martin
  • Max Planck Institute for Research on Collective Goods

Entstanden

  • 2011

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