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.
Hĺbková analýza
O tomto dokumente
Typ publikácie
Autor
Kľúčové slovo
- banka
- bankový systém
- ekonomická analýza
- EKONOMIKA
- Európsky mechanizmus pre stabilitu
- FINANCIE
- finančná solventnosť
- finančná stabilita
- hospodárska politika
- hospodárska recesia
- hospodárska situácia
- hospodárske zbližovanie
- hospodársky dôsledok
- jednotná menová politika
- kapitálový trh
- konkurencieschopnosť
- koordinácia politík EMÚ
- menová ekonómia
- menové a finančné inštitúcie
- menové vzťahy
- mzdové náklady
- občianske právo
- organizácia podniku
- PODNIKANIE A SÚŤAŽ
- PRÁVO
- rozpočtová politika
- správa hospodárskych záležitostí (EÚ)
- verejné financie rozpočtová politika
- voľný pohyb kapitálu
- účtovníctvo
- štrukturálne prispôsobenie