[go: up one dir, main page]

IDEAS home Printed from https://ideas.repec.org/a/sae/niesru/v208y2009i1p68-85.html
   My bibliography  Save this article

The Euro: Past Successes And New Challenges

Author

Listed:
  • Marco Buti

    (Directorate General for Economic and Financial Affairs, European Commission, Marco.Buti@ec.europa.eu)

  • Paul van den Noord

    (Directorate General for Economic and Financial Affairs, European Commission, Paul.VANDENNOORD@ec.europa.eu)

Abstract
The successes of the first decade of European Economic and Monetary Union are impressive, but it is fair to stress these were achieved in a relatively benign economic environment characterised by steady global growth, supportive financial conditions and fiscal windfalls associated with booms in asset markets. Although all this has come to an abrupt end with the financial crisis, there is a silver lining of fiscal stimulus being more effective in EMU than without the single currency, with offsetting exchange rate responses absent, trade multipliers stronger and the fiscal framework credible. But the financial crisis also clearly demonstrated the need for stronger coordination of national policy actions to internalise crossborder spillovers. Meanwhile, the European Commission has a major role to play in striking the right balance between short-term emergency measures and longer-term priorities. Against this backdrop, this article sheds light on the longerrun challenges and the policy agenda for meeting them.

Suggested Citation

  • Marco Buti & Paul van den Noord, 2009. "The Euro: Past Successes And New Challenges," National Institute Economic Review, National Institute of Economic and Social Research, vol. 208(1), pages 68-85, April.
  • Handle: RePEc:sae:niesru:v:208:y:2009:i:1:p:68-85
    as

    Download full text from publisher

    File URL: http://ner.sagepub.com/content/208/1/68.abstract
    Download Restriction: no
    ---><---

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Klaus Regling & Servaas Deroose & Reinhard Felke & Paul Kutos, 2010. "The Euro After Its First Decade : Weathering the Financial Storm and Enlarging the Euro Area," Governance Working Papers 22817, East Asian Bureau of Economic Research.
    2. Regling, Klaus & Deroose, Servaas & Felke, Reinhard & Kutos, Paul, 2010. "The Euro After Its First Decade: Weathering the Financial Storm and Enlarging the Euro Area," ADBI Working Papers 205, Asian Development Bank Institute.
    3. Simona-Gabriela MAŞCA, 2011. "The State and the Economy – Theoretical Aspects and Empirical Evidence for the EU," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(5(558)), pages 17-44, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:niesru:v:208:y:2009:i:1:p:68-85. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: https://edirc.repec.org/data/niesruk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.