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Responses to the Euro Area Crisis: Measuring the Path of European Institutional Integration

Responses to the Euro Area Crisis: Measuring the Path of European Institutional Integration AbstractThe euro area crisis has exposed flaws in the institutional framework of the European Economic and Monetary Union (EMU). The immediate causes of the crisis have been widely debated — including weak governance, persistent erosion of competitiveness in some countries and easy financing by banks. However, there is little discussion about a fundamental shift in the nature of European integration, which took place in mid-1990s when plans for launching the euro became credible and binding. It was not understood that Europe had shifted from a Common Market Era, during which EMU’s foundations were laid, to a ‘Union Era’ which in retrospect exhibited an incomplete institutional framework. This article reviews the leap in governance now taking place, whilst taking stock of what has worked and proved resilient over the previous 60 years. This is done by means of an index — the European Index of Regional Institutional Integration (EURII) — providing a tool to synthesise and monitor European institutional integration since 1958, and track all institutional reforms since 2010. EURII has both backward as well as forward-looking components anchored on the project put forward in the 2012 Four Presidents’ Report. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of European Integration Taylor & Francis

Responses to the Euro Area Crisis: Measuring the Path of European Institutional Integration

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References (26)

Publisher
Taylor & Francis
Copyright
© 2015 European Central Bank
ISSN
1477-2280
eISSN
0703-6337
DOI
10.1080/07036337.2015.1079373
Publisher site
See Article on Publisher Site

Abstract

AbstractThe euro area crisis has exposed flaws in the institutional framework of the European Economic and Monetary Union (EMU). The immediate causes of the crisis have been widely debated — including weak governance, persistent erosion of competitiveness in some countries and easy financing by banks. However, there is little discussion about a fundamental shift in the nature of European integration, which took place in mid-1990s when plans for launching the euro became credible and binding. It was not understood that Europe had shifted from a Common Market Era, during which EMU’s foundations were laid, to a ‘Union Era’ which in retrospect exhibited an incomplete institutional framework. This article reviews the leap in governance now taking place, whilst taking stock of what has worked and proved resilient over the previous 60 years. This is done by means of an index — the European Index of Regional Institutional Integration (EURII) — providing a tool to synthesise and monitor European institutional integration since 1958, and track all institutional reforms since 2010. EURII has both backward as well as forward-looking components anchored on the project put forward in the 2012 Four Presidents’ Report.

Journal

Journal of European IntegrationTaylor & Francis

Published: Nov 10, 2015

Keywords: Economic and Monetary Union; euro; sovereign crisis; governance reform; institutions

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