Recovering from Maastricht

Artikel

The euro area crisis was less a crisis of the euro than a crisis of the Maastricht doctrine. The latter was based on a triple ban: no monetization of fiscal deficits, no bail-out, no sovereign default. The euro architecture was also based on a strict division of tasks: the European Central Bank would stabilize prices in the euro area as a whole, whereas national governments would stabilize their own economies in case of idiosyncratic shocks. To make things even more dysfunctional, bank supervision remained under the competence of the member states. Although much has been done since the crisis to reform the Maastricht framework, there are still major flaws that weaken the single currency.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 17 ; Year: 2020 ; Issue: 2 ; Pages: 129-138

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems ; Policy Objectives; Policy Designs and Consistency; Policy Coordination ; Macroeconomic Issues of Monetary Unions
• Thema: Economic and Monetary Union ; economic governance ; economic convergence

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bénassy-Quéré, Agnès
• Ereignis: Veröffentlichung
• (wer): Edward Elgar Publishing
• (wo): Cheltenham
• (wann): 2020

Weitere Informationen

• DOI: doi:10.4337/ejeep.2020.02.03
• Handle: http://hdl.handle.net/10419/277472
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ