Enhancing the Legitimacy of EMU Governance
CEPS Special Reports, No. 98 / December 2014
93 Pages Posted: 7 Feb 2015
Date Written: December 18, 2014
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
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