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Whither European economic governance?

  • This paper develops a new governance scheme for a stable and lasting European Monetary Union (EMU). I demonstrate that existing economic governance is based on flawed incentives especially due to insufficient macroeconomic coordination, failures of institutional enforcement and animal spirit in financial markets. All this caused the European sovereign debt crisis in 2010. Consequently, the EMU crisis is not a conundrum at all rather a failure of national and supranational governance. To tackle this problem, I propose a return to flexible but compulsory rules driven by market forces. The new governance principles shall promote the compliance and effective enforcement of rules.

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Metadaten
Author of HS ReutlingenHerzog, Bodo
URN:urn:nbn:de:bsz:rt2-opus4-483
DOI:https://doi.org/10.5539/ijbm.v9n2p60
ISSN:1833-3850
eISSN:1833-8119
Erschienen in:International journal of business and management
Publisher:Canadian Center of Science and Education
Place of publication:Bayswater
Document Type:Article
Language:English
Year of Publication:2014
Tag:animal spirit; economic governance; euro crisis; eurozone
Volume:9
Issue:2
Page Number:10
First Page:60
Last Page:69
DDC classes:330 Wirtschaft
Open Access?:Ja
Licence (German):License Logo  Creative Commons - Namensnennung