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Beyond the CrisisThe Governance of Europe's Economic, Political and Legal Transformation$
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Mark Dawson, Henrik Enderlein, and Christian Joerges

Print publication date: 2015

Print ISBN-13: 9780198752868

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198752868.001.0001

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Rebalancing the Governance of the Euro Area

Rebalancing the Governance of the Euro Area

(p.62) 5 Rebalancing the Governance of the Euro Area
Beyond the Crisis

Jean Pisani-Ferry

Oxford University Press

Alongside the setting-up of a crisis management regime and the creation of a banking union, the strengthening of economic governance has been a major pillar of the European Union’s response to the eurozone crisis. Between 2010 and 2014, the economic and monetary union (EMU) was the subject of a series of reforms, more than ever before in such a short time span. Yet, two years after this major legislative effort, few policy-makers would dare to claim ‘mission accomplished’. This chapter outlines and discusses alternative possible directions for the reform of the euro area’s economic governance. To this end, the reforms introduced in recent years, as well as the main shortcomings of the resulting policy system, are briefly reviewed. The chapter then proceeds with a presentation and analysis of alternative templates for governance reform and concludes with proposals for a practical agenda.

Keywords:   crisis management, economic governance, European Union, economic and monetary union, reform, eurozone crisis

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