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The European Council Summit and the Political Economics of the EMU Crisis. CEPS Policy Brief No. 217, 9 November 2010

Fahrholz, Christian and Wojci, Cezary. (2010) The European Council Summit and the Political Economics of the EMU Crisis. CEPS Policy Brief No. 217, 9 November 2010. [Policy Paper]

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    Abstract

    The Conclusions of the European Council on 28-29 October 2010 suggest the need for further consultations among the member states to design a "permanent crisis mechanism" to safeguard the euro area as a whole. This paper finds that the weakness of the current EMU governance is that it neither provides sufficient incentives for curtailing excessive lending and indebtedness, nor secures the level of political integration necessary to attain a sufficient degree of accountability in fiscal affairs. Any solution must address these two major flaws.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > EU institutions & developments > European Council
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Policy Briefs
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 10 Nov 2010
    Page Range: p. 4
    Last Modified: 15 Feb 2011 18:38
    URI: http://aei.pitt.edu/id/eprint/15140

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