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Beyond the economics of the Euro: Analysing the institutional evolution of EMU 1999-2000

Salines, Marion and Glockler, Gabriel and del Favero, Paola and Truchlewski, Zbigniew (2011) Beyond the economics of the Euro: Analysing the institutional evolution of EMU 1999-2000. UNSPECIFIED. (Submitted)

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    This paper examines how and why the institutional framework governing EMU hasevolved since the creation of the euro. Building on theories of institutionalism, the paper in particular investigates to what extent functional spill-overs from the single currency to other policy domains, like macroeconomic policies or financial regulation, met with an adequate institutional response, and to what extent the existing institutional framework conditioned the response to the financial crisis. The interaction between policy requirements and institutional capabilities is examined both in “ordinary” times (1999-2007) and under “crisis conditions” (2007-2010). The paper uses a typology of change which helps to put into perspective both the resilience of the institutional framework of EMU and its capacity to adapt. In this respect, it allows for a better understanding and framing of the current reforms of EMU economic governance. It concludes that even though the crisis will accelerate institutional development, it will do so only in a gradual way, as path dependence and inbuilt bias towards incremental change will prevent policymakers pursuing a “clean slate” strategy.

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    Item Type: Other
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 30 Oct 2017 15:39
    Number of Pages: 40
    Last Modified: 30 Oct 2017 15:39

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