Overview of EMU
This note focusses on selected policy issues as outlined in the Five Presidents’ Report and which are relevant for parliamentary work. The note provides an overview of the main steps undertaken and of the proposals planned to make EMU more resilient to shocks by addressing the policy and governance challenges unveiled by the financial crisis. These include: i) labour and product market reforms to rise long-term productivity and growth; ii) financial integration (Banking Union) to improve market confidence in banks, stabilize financial markets, eliminate fragmentation and cut the sovereign-bank negative feedback; iii) plans for a Capital Market Union to enhance market-based financing to the economy, diversify the sources of financing, thereby spreading the impact and risks of financial shocks; iv) plans for a Fiscal Union or fiscal capacity as a macroeconomic stabilization tool against income shocks. Fiscal union is politically challenging as it involves ceding even more sovereignty from national levels to the euro-area level and is, therefore, strongly connected with political integration (Political Union). The note is complementary to the document “Institutions and Bodies in the Economic and Monetary Union”, which provides an overview of the governance framework of EMU.
Analisi approfondita
Informazioni sul documento
Tipo di pubblicazione
Autore
Parole chiave
- adeguamento strutturale
- analisi economica
- banca
- competitività
- conseguenza economica
- convergenza economica
- coordinamento delle politiche UEM
- costi salariali
- DIRITTO
- diritto civile
- ECONOMIA
- economia monetaria
- FINANZE
- finanze pubbliche e politica di bilancio
- gestione contabile
- governance economica (UE)
- IMPRESA E CONCORRENZA
- istituti finanziari e di credito
- libera circolazione dei capitali
- Meccanismo europeo di stabilità
- mercato dei capitali
- organizzazione aziendale
- politica di bilancio
- politica economica
- politica monetaria unica
- recessione economica
- relazioni monetarie
- sistema bancario
- situazione economica
- solvibilità finanziaria
- stabilità finanziaria