Institutional reforms of EMU since the crisis: an assessment in view of recent DNB research

Jakob de Haan; Patrick Kosterink

doi:10.5771/1610-7780-2017-1-70

Contents
- Chapter Expand | CollapseAuthorsPage
- I–II Titelei/Inhaltsverzeichnis I–II
- 1–2 Editorial Joachim Jens Hesse Joachim Jens Hesse 1–2
- 3–15 Die Europäische Union im 60. Jahr Dieter Grimm Dieter Grimm 3–15
- 16–31 60 Jahre Römische Verträge – Dezennien feiern, Krisen nutzen, Zukunft haben Frank Schorkopf Frank Schorkopf 16–31
- 32–49 Zurück zum Recht oder: Die Rechtspflicht zum Austritt aus der Währungsunion Reiner Schmidt Reiner Schmidt 32–49
- 50–69 Eine Eurozone souveräner Staaten Johannes Becker, Clemens Fuest Johannes Becker, Clemens Fuest 50–69
- 70–83 Institutional reforms of EMU since the crisis: an assessment in view of recent DNB research Jakob de Haan, Patrick Kosterink Jakob de Haan, Patrick Kosterink 70–83
- 84–118 Towards a more democratic Europe: De-constitutionalization and Majority Rule Fritz W. Scharpf Fritz W. Scharpf 84–118
- 119–140 The Treaties of Rome, 60 years on. Where do the European Union and the United Kingdom go from here? Brendan Simms Brendan Simms 119–140
- 141–155 Europe: Grand deal, big deal, or no deal? Harold James Harold James 141–155
- 156–172 Die Gesellschaften der Europäischen Union: Zusammenwachsen und Krise 1957-2017 Hartmut Kaelble Hartmut Kaelble 156–172
- 173–199 Abschied von der ever closer Union: Wege zu einer besseren und realitätsnäheren Europäischen Union Joachim Jens Hesse Joachim Jens Hesse 173–199
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ZSE Zeitschrift für Staats- und Europawissenschaften | Journal for Comparative Government and European Policy , page 70 - 83

Institutional reforms of EMU since the crisis: an assessment in view of recent DNB research

Autoren

Jakob de Haan Patrick Kosterink

DOI
- doi.org/10.5771/1610-7780-2017-1-70
- ISSN: 1610-7780
- ISSN online: 1610-7780
Abstract

Whereas observers calling the sustainability of EMU into question pointed to lack of business cycle synchronization, we argue that two other forms of heterogeneity are more important. First, income per capita in low-income euro area member states has not converged to levels in high-income euro area countries. Second, unlike business cycles, euro area member states’ medium term cycles are out of sync. Recent research suggests that financial factors play an important role here. This asymmetry of financial and economic developments in different euro area member states cannot be redressed by the common monetary policy conducted by the ECB. We examine to what extent the Stability- and Growth Pact (SGP) and the Macroeconomic Imbalances Procedure (MIP) have been of any help in this respect. We argue that enforcement of the preventive arm of the SGP remains problematic. As compliance with the corrective arm of the SGP was much better, it had a pro-cyclical impact. This could have been avoided if compliance with the preventive arm had been better. Another problem is that the SGP has a blind spot for budget imbalances related to the financial cycle. The MIP better accounts for the financial factors that may cause increasing asymmetry of medium-term fluctuations, but also suffers from weak compliance.
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