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The commission’s 2017 reflection paper on the deepening of the economic and monetary union : a few critical observations

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dc.contributor.author Radic, Lazar
dc.date.accessioned 2018-09-19T16:26:09Z
dc.date.available 2018-09-19T16:26:09Z
dc.date.issued 2018-04
dc.identifier.uri http://hdl.handle.net/10230/35472
dc.description.abstract In the present paper I critically asses the Preface to the 2017 Reflection Paper on the Deepening of the Economic and Monetary Union and identify two issues with the European Commission’s approach and reasoning which I believe reveal a deeper, more disquieting dynamic. First, I claim that the Preface makes an overly optimistic evaluation of the single currency, ignoring or not placing enough emphasis on some of its more problematic aspects. I also show that this attitude generally permeates the rest of the Reflection Paper. I identify three sentences from the Preface which I believe clearly illustrate this point. Second, I criticize the Commission’s failure to explicitly recognize the shortcomings of its pro-austerity policies, even after it has become abundantly clear that such policies have proven to be not only inefficient, but also counterproductive in nursing EMU countries back to health after the 2008 Financial Crisis. This is troubling, and a missed opportunity. The Reflection Paper, which forms part of a broader strategy aimed precisely at resolving the issues arising from the 2008 Financial Crisis and avoiding future recurrences, was an ideal opportunity for the Commission to reassess its reliance on austerity policies as a response to financial downturns in the eurozone. To conclude, I speculate as to what the implications of these shortcoming might be for the eurozone and the EU moving forward.
dc.description.sponsorship The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
dc.format.mimetype application/pdf
dc.language.iso eng
dc.relation.ispartofseries ADEMU Working Paper Series;104
dc.rights This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.
dc.rights.uri https://creativecommons.org/licenses/by/4.0/
dc.subject.other Macroeconomics
dc.subject.other Crisis
dc.subject.other Procyclical
dc.subject.other Monetary policy
dc.title The commission’s 2017 reflection paper on the deepening of the economic and monetary union : a few critical observations
dc.type info:eu-repo/semantics/workingPaper
dc.relation.projectID info:eu-repo/grantAgreement/EC/H2020/649396
dc.rights.accessRights info:eu-repo/semantics/openAccess


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