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How to Build a Resilent Monetary Union? Lessons from the Euro Crisis

dc.contributor.authorGrégory Claeys
dc.date.accessioned2017-10-18T19:02:58Z
dc.date.available2017-10-18T19:02:58Z
dc.date.issued2017-09-30
dc.identifier.urihttp://hdl.handle.net/11540/7407
dc.description.abstractThis paper describes the institutional flaws that led to the euro crisis, assesses the institutional reforms that were put in place during and in the aftermath of the crisis, and evaluates the remaining fragilities of the architecture of the European monetary union. In mid-2017, growth in the euro area appears to be finally picking up after 10 years of recessions and slow recoveries. European leaders should not be complacent and wait for the next crisis to complete the single currency architecture. On the contrary, these quieter times offer a good occasion to reflect on the future of euro-area institutions and to build a more permanent setup than that implemented in the heat of the crisis. In order to achieve a more resilient monetary union in Europe, we propose: to complete the banking union as soon as possible; to promote a really ambitious capital market union able to provide real risk sharing between member states of the monetary union; to reform the use of macroprudential tools and make their use more systematic in order to avoid divergence between countries in financial cycles; and most importantly to improve the defective macroeconomic policy framework to avoid a repeat of the policy mistakes of recent years.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.titleHow to Build a Resilent Monetary Union? Lessons from the Euro Crisis
dc.typeWorking Papers
dc.subject.expertSocial condition
dc.subject.expertEconomic dependence
dc.subject.expertEconomic assistance
dc.subject.expertInternational monetary relations
dc.subject.expertInternational monetary relations
dc.subject.expertInternational trade
dc.subject.expertNational accounting
dc.subject.expertMarket
dc.subject.expertProject impact
dc.subject.expertDevelopment projects
dc.subject.expertProgram management
dc.subject.expertPerformance appraisal
dc.subject.expertProject appraisal
dc.subject.expertTechnology assessment
dc.subject.adbMacroeconomic
dc.subject.adbMacroeconomic Analysis
dc.subject.adbMacroeconomic Framework
dc.subject.adbMacroeconomic Models
dc.subject.adbMacroeconomic Performance
dc.subject.adbMacroeconomic Planning
dc.subject.adbMacroeconomic Policies
dc.subject.adbMacroeconomic Reform
dc.subject.adbMacroeconomic Stabilization
dc.subject.adbResults-Based Monitoring And Evaluation
dc.subject.adbProject Evaluation & Review Technique
dc.subject.adbProject Evaluation
dc.subject.adbProgram Evaluation
dc.subject.adbPerformance Evaluation
dc.subject.adbOperations Evaluation
dc.subject.adbEvaluation Methods
dc.subject.adbEvaluation
dc.subject.naturalExchange
dc.subject.naturalComparative economics
dc.subject.naturalIndex number
dc.subject.naturalMonetary policy
dc.subject.naturalValue analysis
dc.subject.naturalAdjustment cost
dc.subject.naturalTransaction cost
dc.subject.naturalConditionality
dc.subject.naturalInternational relations
dc.subject.naturalCumulative effects assessment
dc.subject.naturalGrievance procedures
dc.subject.naturalParticipatory monitoring and evaluation
dc.title.seriesADBI Working Paper Series
dc.title.volumeNo. 778
dc.contributor.imprintAsian Development Bank Institute
oar.themeEconomics
oar.themeEvaluation
oar.themeLabor Migration
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-007017
oar.authorClaeys, Grégory
oar.importTRUE
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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