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Titlebook: Europe‘s New Fiscal Union; Pierre Schlosser Book 2019 The Editor(s) (if applicable) and The Author(s) 2019 euro crisis.Europe‘s Economic a

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书目名称Europe‘s New Fiscal Union
编辑Pierre Schlosser
视频video
概述Provides a thorough analysis of Europe’s post-crisis fiscal union.Offers an in-depth assessment of the euro crisis management measures and of its sequencing.Explains the institutionalization of a cent
图书封面Titlebook: Europe‘s New Fiscal Union;  Pierre Schlosser Book 2019 The Editor(s) (if applicable) and The Author(s) 2019 euro crisis.Europe‘s Economic a
描述The euro crisis made Europe’s stateless currency falter. This book retraces and interprets the ways in which the crisis impacted the unique institutional set-up of Europe’s Economic and Monetary Union (EMU). It argues that the crisis propelled the European continent towards the institutionalization of an unprecedented form of centralized authority: Europe’s New Fiscal Union. Diving into the central functions of fiscal surveillance, financial assistance, lending of last resort and banking resolution, the book reveals how a covert and convoluted mutualisation process occurred in the shadow of the euro crisis management. Based on 62 interviews conducted by the author with senior policy-makers in Brussels, Frankfurt, Helsinki and Rome, the book claims that Europe’s New Fiscal Union is largely unsettled and still unstable. It therefore engages with the challenges arising from the patchwork of newly adopted rules, instruments and bodies, suggesting crucial reform steps to make EMU sustainable..
出版日期Book 2019
关键词euro crisis; Europe‘s Economic and Monetary Union; fiscal centralization; fiscal authority; euro crisis
版次1
doihttps://doi.org/10.1007/978-3-319-98636-4
isbn_softcover978-3-030-07516-3
isbn_ebook978-3-319-98636-4
copyrightThe Editor(s) (if applicable) and The Author(s) 2019
The information of publication is updating

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,EMU’s Asymmetrical Institutional Design,ect to changing expectations over the decades preceding the creation of the euro. Whilst early blueprints recommended the simultaneous creation of a monetary union and of a fiscal union, this institutional symmetry vanished with the advent of the Maastricht Treaty. This chapter retraces the build-up
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Building Central Financial Assistance Capacities,sks. The establishment of the European Financial Stability Facility (EFSF), later turned into the European Stability Mechanism (ESM), was a critical juncture in the constitution of a European fiscal centre. Its financial capacity is unprecedented. The mechanisms’ lending power amounts to more than t
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Developing an EMU Lending of Last Resort Capacity, financial stability. This chapter documents how, through strategic yet conditioned interventions, the ECB took temporarily over the controversial role of EMU’s lender of last resort. Driven by a twin concern to safeguard the euro without giving up on its monetary dominance, the institution shaped i
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Centralizing Banking Resolution, bn – came into being. The chapter shows how EMU’s executive institutions converged on the need for a centralized regime but also documents how Northern Member States’ concerns over any further agency drift by the Commission, produced a fragmented decision-making. The chapter’s emphasis lies on the
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