How to Complete a Union That is Built to Last

Sustainable Growth in the EU - Challenges and Solutions (ed) Luigi Paganetto, Forthcoming

Posted: 13 Oct 2016

See all articles by Michael S. Mitsopoulos

Michael S. Mitsopoulos

Hellenic Federation of Enterprises

Theodore Pelagidis

University of Piraeus; Brookings Institution

Date Written: October 6, 2016

Abstract

This paper assesses the proposals in the recent 5 Presidents’ Report on the future of the EMU. The evolution of EU institutions during the crisis is assessed along with the proposals concerning in particular fiscal policy and economic policy decisions. A discrepancy in the concreteness of the mapping for the final move towards common decision taking is documented, with the path towards common decision taking in the dimension of fiscal policy being spelled out in more detail. An effort to eliminate this disparity with respect to economic policies is proposed, as is a deadlock breaking rule that will affect the formation of expectations and that is compatible with the evolution of the Community Method and the Principle of Subsidiarity.

Keywords: Closer Union, Optimum Currency Area, Common Policy Decisions

JEL Classification: K00, F330, K100

Suggested Citation

Mitsopoulos, Michael S. and Pelagidis, Theodore, How to Complete a Union That is Built to Last (October 6, 2016). Sustainable Growth in the EU - Challenges and Solutions (ed) Luigi Paganetto, Forthcoming, Available at SSRN: https://ssrn.com/abstract=2848970

Michael S. Mitsopoulos (Contact Author)

Hellenic Federation of Enterprises ( email )

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Athens, 10557
Greece
2106722694 (Phone)

Theodore Pelagidis

University of Piraeus ( email )

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Piraeus, Attiki 18533
Greece
+3021 04142526 (Phone)
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HOME PAGE: http://www.maritime-studies.gr/index.php?option=com_comprofiler&task=userProfile&user=95&Itemid=183

Brookings Institution ( email )

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Washington, DC 20036
United States

HOME PAGE: http://www.brookings.edu/experts/pelagidist

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