Economic and Monetary Union

Reflecting the most update-to-date coverage of institutional changes within the European Monetary Union, the fourteenth edition of De Grauwe's established textbook continues to encourage students to think critically about the sustainability of the Eurozone. The author uses an authoritative, concise and exciting approach to analyse theories and policies relating to monetary union, allowing students to develop a balanced understanding of different arguments and perspectives. Part One examines the implications of adopting a common currency while Part Two considers the problems associated with running a monetary union. Both parts analyse Europe's experience and the issues faced by the European Central Bank. Case studies throughout the text provide rich, real life and qualitative examples to help students connect with the concepts and policies presented. Additionally, each chapter ends with a conclusion recapping the core issues, and a set of questions, which encourages students to test their knowledge and stretch their understanding further. The fourteenth edition is available for students and institutions to purchase in a variety of formats, and is supported by online resources. · The ebook offers a mobile experience and convenient access along with functionality tools, navigation features and links that offer extra learning support: www.oxfordtextbooks.co.uk/ebooks · This book is accompanied by the following online resources: For students: - Links to data sources - Essay questions - Web links - Paul De Grauwe on Twitter For Lecturers: - PowerPoint slides - Instructor's manual

This open access book delivers a much-needed analysis of the relationship between the EU's financial constitution and European integration. The economic rescue package NextGenerationEU has multiplied the EU's financial volume and thereby raised the question of the state of European integration anew. This open-access book 'follows the money' and surveys the financial constitution of European integration from the perspective of law, political economy, and history. Structured into 3 thematic parts, the book focuses on past and present developments of the fiscal structure of the EU as well as potential future outcomes. It raises an array of questions that are answered from different disciplinary perspectives and through the eyes of academia and practice: can underlying design flaws of the European Monetary Union be identified? What about the legality and the economic implications of the innovative policy-making at the EU level in response to the COVID-19 pandemic? What do these reflections on the EU financial constitution reveal about the development of European integration as a whole? The ebook editions of this book are available open access under a CC BY 4.0 licence on bloomsburycollections.com.

Im Zuge wirtschaftlicher Integration wurden Aufgaben und Zuständigkeiten auf der Ebene der Europäischen Union stetig erweitert. Gemeinsamer Markt, gemeinsame Währung, finanzielle Programme der EU, Harmonisierungen nationaler Vorschriften und wirtschafts- und finanzpolitische Koordinierung sollen Wachstum, Beschäftigung und Wohlstand in Europa steigern und helfen, neue Herausforderungen zu bewältigen. Gleichzeitig werden Maßnahmen vertiefter ökonomischer Integration oft kontrovers diskutiert. Das Buch behandelt die grundlegenden ökonomischen Zusammenhänge und Instrumente der europäischen Wirtschafts- und Währungsunion und deren Wirkung und diskutiert möglichen Reformbedarf. Aufgaben sollten nur dann auf EU-Ebene übertragen werden, wenn sie dort gegenüber Regelungen auf Länderebene einen klaren Mehrwert aufweisen. Programme und Verfahren der EU sollten nach Effizienzgesichtspunkten ausgerichtet werden, wobei wichtig ist, den Zusammenhang zwischen nationaler Wirtschafts- und Finanzpolitik und der Haftung für deren Folgen zu erhalten.

This book provides a commentary on the law of the EU related to the Monetary Union. It contains a comprehensive analysis of all provisions of the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB). In addition, the book also analyses all provisions of the Treaties themselves which regulate the ESCB and the ECB. This analysis is supplemented by commentaries on other Protocols which contain relevant rules for the Monetary Union. In essence, all relevant statutory rules governing the euro and its key monetary authority, the European Central Bank, are unfolded and explained in one volume. This gives the book a unique position in the legal literature on the law of the EU. With contributions by renowned academics and practitioners, this book is an expanded and updated translation of the 2013 German commentary, EWU Kommentar zu Europäischen Währungsunion (Mohr Siebeck) and is an invaluable resource for practitioners and academics alike who are looking for a provision-by-provision commentary on the laws governing the European Monetary Union.

This book provides the first in-depth empirical study of the European Parliament's powers of scrutiny of the executive in the European Union (EU) political system, focusing on the politically salient field of the Economic and Monetary Union. The expansion of executive decision-making during the euro crisis was accompanied by an empowerment of the European Parliament through legislative oversight. This book examines how the European Parliament exercises that oversight on a day-to-day basis and thus contributes to political accountability at the EU level. Building on an innovative analytical framework for the study of parliamentary questions and answers, Adina Akbik sheds light on the European Parliament's possibilities and limitations to hold EU executive bodies accountable more generally. Case studies cover the period 2012 to 2019 and include the European Central Bank in banking supervision, the European Commission, the Eurogroup, and the Economic and Financial Affairs Council. This title is Open Access.

Le livre se concentre sur les pratiques monétaires des Etats lors des unifications monétaires, notamment celle de l'euro. Il s'agit de discuter les interactions entre trois moments analytiques distincts : la détermination des règles monétaires, l'impact sur les politiques économiques et l'émergence de crise.

Die Europäische Wirtschafts- und Währungsunion (WWU) ist einer der Grundpfeiler der europäischen Integration. Seit dem 1. November 1999 nimmt die EU gegenüber den am Euroraum teilnehmenden Mitgliedstaaten die ausschließliche Zuständigkeit für die Währungspolitik wahr. Vorrangiges Ziel der Europäischen Zentralbank ist die Sicherung von hoher Preisniveaustabilität. Zugleich bestehen umfassende Verpflichtungen der Mitgliedstaaten im haushaltspolitischen Bereich, die in prozeduralen Vorgaben und inhaltlichen Beschränkungen der Staatsverschuldung zum Ausdruck kommen. Das bestehende System erfuhr durch die Finanz- und Schuldenkrise erhebliche Umgestaltungen, nicht zuletzt in Gestalt des Europäischen Stabilitätsmechanismus und der Europäischen Bankenunion. Die Corona Pandemie führte zu weiteren Neuerungen und ermöglichte der Union, sich erstmals umfassend selbst zu verschulden. Das neue Handbuch analysiert alle wichtigen rechtlichen Rahmenbedingungen der WWU vor dem Hintergrund der Krisen und Reformen der letzten Jahre. Breiten Raum nehmen Darstellungen des aktuellen Rechtsrahmens zur Sicherung und Stabilisierung des Systems (Autonomie der Haushaltspolitik, Stabilitäts- und Wachstumspakt, Fiskalvertrag, Europäischer Stabilitätsmechanismus), der rechtlichen Anforderungen an die Geldpolitik der EZB und der Bankenunion ein. Es vereint Beiträge nicht nur von rechtswissenschaftlicher Seite, sondern auch aus Sicht des ökonomischen Schrifttums.

This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union - a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current 'state of the art' in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms - in particular, the ones to be used as 'fiscal capacity'. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.

Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.

The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.

Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massiveimplications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountabilityand transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revisedEMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy?This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (andother political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU.