Reinventing the European Union: The Financial Crisis, an Opportunity for a Federal Model
The current financial crisis is proof that it was a mistake not to have shaped the EU as a proper political union from its very inception, since such a move would have allowed effective coordination of the member states’ various economic policies. Nonetheless, the financial crisis does hold out an opportunity for the European Union to be politically, economically, and institutionally strengthened—and the threat that it will fall apart if the necessary measures are not taken with due urgency. The challenge may also help strengthen the EU’s own international leadership. If this is to be achieved, it is essential to lay the foundations for proper economic government, and to further extend coordination of fiscal policy, as well as introducing the necessary structural reforms. And all of these changes must be inspired by the federal model.
KeywordsMember State Monetary Policy Financial Crisis Central Bank Fiscal Policy
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