Enhancing the Legitimacy of EMU Governance

CEPS Special Reports, No. 98 / December 2014

93 Pages Posted: 7 Feb 2015

See all articles by Cinzia Alcidi

Cinzia Alcidi

CEPS; Graduate Institute of International and Development Studies (IHEID)

Alessandro Giovannini

European Central Bank (ECB) - Directorate General International and European Relations

Sonia Piedrafita

Centre for European Policy Studies (CEPS)

Date Written: December 18, 2014

Abstract

This CEPS Special Report investigates ways to enhance the legitimacy of economic governance in the Economic and Monetary Union (EMU) without introducing Treaty changes. It suggests changes in the governance framework at both the institutional and economic level. Input-oriented legitimacy can be improved by increasing parliamentary oversight on decisions related to EMU and increasing the accountability of the Eurogroup. Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce the emergence of negative externalities and to mitigate their impact, through market and fiscal risk-sharing mechanisms.

Keywords: Economic and Monetary Union, EMU, Eurogroup, Eurozone

Suggested Citation

Alcidi, Cinzia and Giovannini, Alessandro and Piedrafita, Sonia, Enhancing the Legitimacy of EMU Governance (December 18, 2014). CEPS Special Reports, No. 98 / December 2014, Available at SSRN: https://ssrn.com/abstract=2561211

Cinzia Alcidi (Contact Author)

CEPS ( email )

1 Place du Congres
Brussels, 1000
Belgium

Graduate Institute of International and Development Studies (IHEID) ( email )

132, Rue de Lausanne
Geneva, 1211
Switzerland

Alessandro Giovannini

European Central Bank (ECB) - Directorate General International and European Relations ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Sonia Piedrafita

Centre for European Policy Studies (CEPS) ( email )

1 Place du Congres, 1000
Brussels, 1000
Belgium

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