Abstract
The history of the euro starts with the creation of the European Central Bank (ECB). It is therefore intrinsically related to the Maastricht Treaty which defined the objectives and statutes of the ECB and shaped the institutional architecture of Eurozone economic policies -the dominance of monetary policy over fiscal policies-, the characteristics of the implemented monetary policy -a form of inflation-targeting- and its performances. They are not sufficient though. Objectives and statutes were prepared for a stable environment. The upheaval following the global financial crisis required many changes in the implementation of monetary and fiscal policies which have questioned a possible change of economic paradigm.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Similar content being viewed by others
References
Cafaro, S. 2018. The Evolving Role of the ECB During the Euro-Crisis. Revue de l’euro 52: 1–11.
Franks, J., B. Barkbu, R. Blavy, W. Oman, and H. Schoelermann. 2018. Economic Convergence in the Euro Area: Coming Together or Drifting Apart? IMF Working Paper 18/10, January.
Horvath, R., J. Kotlebova, and M. Siranova. 2018. Interest Rate Pass-Through in the Euro Area: Financial Fragmentation, Balance Sheet Policies and Negative Rates. Journal of Financial Stability 36: 12–21.
Wyplosz, C. 2017. A European Monetary Fund? In-depth Analysis. European Parliament, May.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2018 The Author(s)
About this chapter
Cite this chapter
Creel, J. (2018). The First Twenty Years: Institutions, Policy and Performance. In: Creel, J., Laurent, É., Le Cacheux, J. (eds) Report on the State of the European Union. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-98364-6_3
Download citation
DOI: https://doi.org/10.1007/978-3-319-98364-6_3
Published:
Publisher Name: Palgrave Macmillan, Cham
Print ISBN: 978-3-319-98363-9
Online ISBN: 978-3-319-98364-6
eBook Packages: Economics and FinanceEconomics and Finance (R0)