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Financial and Monetary Policy Studies 43 Nazaré da Costa Cabral José Renato Gonçalves Nuno Cunha Rodrigues Editors The Euro and the Crisis Perspectives for the Eurozone as a Monetary and Budgetary Union Financial and Monetary Policy Studies Volume 43 SeriesEditor AnsgarBelke Essen,Germany Moreinformationaboutthisseriesathttp://www.springer.com/series/5982 Nazare´ da Costa Cabral (cid:129) Jose´ Renato Gonc¸alves (cid:129) Nuno Cunha Rodrigues Editors The Euro and the Crisis Perspectives for the Eurozone as a Monetary and Budgetary Union Editors Nazare´daCostaCabral Jose´RenatoGonc¸alves CIDEEFF-SchoolofLaw, CIDEEFF-SchoolofLaw, UniversityofLisbon UniversityofLisbon AlamedadaUniversidade AlamedadaUniversidade Lisbon,Portugal Lisbon,Portugal NunoCunhaRodrigues CIDEEFF-SchoolofLaw, UniversityofLisbon AlamedadaUniversidade Lisbon,Portugal ISSN0921-8580 ISSN2197-1889 (electronic) FinancialandMonetaryPolicyStudies ISBN978-3-319-45709-3 ISBN978-3-319-45710-9 (eBook) DOI10.1007/978-3-319-45710-9 LibraryofCongressControlNumber:2016960545 ©SpringerInternationalPublishingSwitzerland2017 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilarmethodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexempt fromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthis book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained hereinorforanyerrorsoromissionsthatmayhavebeenmade. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAGSwitzerland Acknowledgements TheeditorsaregratefultotheleadingscholarsandexpertsinEuropeanaffairswho have contributed to the chapters and to CIDEEFF’s language reviewer, Professor David Hardisty (Leitor, Universidade Nova de Lisboa), who also provided com- mentsonseveralchaptersoftheBook. The editors wish to thank to Marta Caldas, CIDEEFF/PhD Researcher, for her invaluableorganizationalworkandscientificsupporttothisproject. v Contents Overview. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Nazare´ daCostaCabral,Jose´ RenatoGonc¸alves,andNunoCunhaRodrigues PartI TheEurozoneasa(non)OptimumCurrencyArea TheFundamentalFlawsintheEuroZoneFramework. . . . . . . . . . . . . 11 JosephE.Stiglitz EMUasaSustainableCurrencyArea. . . . . . . . . . . . . . . . . . . . . . . . . . 17 AnnetteBongardtandFranciscoTorres AStructural-ReformProposalforaTwo-SpeedEuropeanMonetary Union. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 SergioRossi AreEuroAreaEconomicStructuresChanging?. . . . . . . . . . . . . . . . . . 47 FrancescoPaoloMongelli,GeorgiosPapadopoulos,andElisaReinhold DifferencesinHumanCapitalandOpennesstoTradeasBarriers toGrowthandConvergenceintheEU. . . . . . . . . . . . . . . . . . . . .. . . . . 73 MartaC.N.Simo˜es,Jo~aoA.S.Andrade,andAdelaideP.S.Duarte HastheEuroAnyFutureUnderSecularStagnation?. . . . . . . . . . . . . . 95 FranciscoLouc¸~a PartII AMonetaryUnionRelyingonFiscalPolicyCoordination: Achievements,ShortcomingsandFuturePerspectives EuropeanMonetaryUnion:PoliticalMotivation. . . . . . . . . . . . . . . . . . 111 Lu´ısMa´ximodosSantos vii viii Contents TheGreatRecessionof2012–2014:TheMonetaryUnionChallengedby NationalEgoisms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 Pierre-AlainMuet TheFiscalCompactandtheExcessiveDeficitProcedure: RelicsofBygoneTimes?. .. . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . .. . 131 AnsgarBelke AConceptualFrameworkforReformsVersusDebtintheContext ofaFiscalUnionWithintheEuropeanMonetaryUnion. . . . . . . . . . . . 153 YannisM.Ioannides SovereignDebtRestructuringinaMonetaryUnion:TheCaseofthe EuroAreaMemberStates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 Se´rgioGonc¸alvesdoCabo PartIII NewPerspectivesforMacroeconomicStabilizersinthe EuropeanUnion TheCrisisManagementoftheECB. . . . . . . . . . . . . . . . . . . . . . . . . . . . 199 FritzBreuss TheUnconventionalMonetaryPolicyoftheECBandtheInternational EconomicandFinancialCrisis:EffectivenessVersusExhaustion. . . . . 223 Anto´nioMendonc¸a TheEurozone’sPrivateandGovernmentalShockAbsorbers:Current SetupandFutureProspects. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 249 Nazare´ deCostaCabral TheEuropeanBankingUnionandtheEconomicandMonetaryUnion: ThePuzzleIsYettoBeCompleted. . . . . . . . . . . . . . . . . . . . . . . . . . . . 271 NunoCunhaRodriguesandJose´ RenatoGonc¸alves The(Future)EuropeanUnemploymentInsuranceandItsRoleasan AutomaticStabiliser. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 289 MiroslavBeblavy´,KarolienLenaerts,andIlariaMaselli PartIV ABudgetaryUnionasaWay-outoftheEMUCrisis:IsIt Possible? AchievingAccountableGovernanceandStructuralReforms:Lessons fromtheCrisisinEurope. . . . . . . . . . .. . . . . . . . . . .. . . . . . . . . . . .. . 305 EhtishamAhmadandGiorgioBrosio TheFinancingoftheEuropeanUnionBudget. . . . . . . . . . . . . . . . . . . . 325 HermanMatthijs Contents ix TowardaCloserUnioninEurope:ElusiveMirageorRealityWithin Grasp?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339 GeorgeKopits TheScopeforaBudgetaryUnionintheEuropeanMonetaryUnion. . . 357 OscarBajo-RubioandCarmenD´ıaz-Rolda´n About the Editors and Authors SyedEhtishamAhmad isSeniorFellowattheCenterforDevelopmentResearch at the University of Bonn and at the LSE (since 2010); member of Academic Committee, Institute of State Governance, Sun Yat-Sen University, Guangzhou, PR China (since 2015); and Pao Yu-Kong Professor at Zhejiang University, PR China(since2016). At the IMF during 1990–2010, Dr. Ahmad has been Senior Advisor at the Executive Board; Advisor and Division Chief, Fiscal Affairs Department; and Special Advisor to the Finance Minister, Saudi Arabia, 1996–1998 (on leave from the IMF). He was on the World Bank staff team for the 1990 World Devel- opment Report “Poverty”; Director of the Development Economics Research Programme, STICERD, LSE (1986–1990); and Deputy Director of the Develop- mentEconomicsResearchCenteratWarwickUniversity(1980–1986). He has written widely on public policy and fiscal reforms, governance, fiscal federalism, and poverty reduction. His recent books include Multi-level Finance and the Crisis in Europe, Elgar 2016 (with Giorgio Brosio and Massimo Bordignon); Handbook of Multilevel Finance, Elgar 2015; Handbook of Fiscal Federalism,Elgar2006;andDoesDecentralizationEnhanceServiceDeliveryand PovertyReduction?EdwardElgar2009(withGiorgioBrosio). Some earlier books include Theory and Practice of Tax Reform in Developing Countries,CUO1991(withNicholasStern);SocialSecurityinDevelopingCoun- tries,OUP1992(withJeanDre`ze,JohnHills,andAmartyaSen;ReformingChina’s Public Finances, IMF, 1995 (with Gao Qiang and Vito Tanzi); Financing Decentralized Expenditures—A Focus on Intergovernmental Grants, Edward Elgar 1997; and Managing Fiscal Decentralization, Routledge 2002 (with Vito Tanzi). Jo~aoSousaAndradeisFullProfessorattheFacultyofEconomicsoftheUniver- sity of Coimbra and a researcher affiliated with the Group for Monetary and Financial Studies (GEMF). He has a Doctoratd’E´tat en Sciences E´conomiques. He is PhD Professor and PhD supervisor in the fields of Macroeconomics and xi

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