| Popis: |
The present paper, structured in three sections, contains a brief presentation and analysis of the foundations and development of the European Economic and Monetary Union (EMU) and of the policies implemented therein. Section A (“Key Design Elements of the Economic and Monetary Union (EMU)”) sets out the institutional foundations of the EMU. The following Section B (“The Impact of the Four Major Crises During the Period 2007-2022”) develops, through the lens of the (2007-2009) global financial crisis (GFC), the subsequent fiscal crisis in the euro area, the pandemic crisis and the recent (since 2022) inflation crisis, on three aspects: how the single monetary policy by the European Central Bank (ECB) within the Eurosystem has been implemented; how the Economic Union has been strengthened (inter alia, regarding sovereign crisis management); and what is the role of the ECB, beyond the exercise of its monetary policy and other basic tasks within the Eurosystem, within the European System of Financial Supervision (ESFS) and the first pillar of the Banking Union (BU), which were, respectively, “children” of the two first above-mentioned crises. Finally, Section C (“The Way Forward”) discusses current trends and developments in relation to the implementation of monetary policy; the ongoing reform of the economic governance framework and the link between monetary and fiscal policies; as well as the ‘unfinished’ agenda in relation to the Banking Union. |
