Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57513 
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dc.contributor.authorHellwig, Martinen
dc.date.accessioned2011-06-21-
dc.date.accessioned2012-04-24T11:05:44Z-
dc.date.available2012-04-24T11:05:44Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/57513-
dc.description.abstractThis lecture discusses the 2010 crisis of the European Monetary Union and draws some lessons for reform. Crisis resolution has been difficult because the sovereign debt crisis of countries like Greece and Portugal has come together with real-estate and banking crises in countries like Ireland and Spain and bank vulnerability in countries like Germany and France. Failure to disentangle and resolve the different crises prevents a satisfactory approach to the long-term reform of governance of sovereign borrowing and banking. Any such reform must find a substitute for the discipline that exchange rate mechanisms impose on sovereign borrowers and their lenders when the currency is national. Any mechanism for imposing discipline on sovereign borrowers and their lenders must be designed so that enforcement is credible even in a crisis. Recommendations for reform include (i) an inclusion of sovereign exposure from too-big-to-fail concerns in banking in monitoring of fiscal stance, (ii) independence of bank supervisors from their respective political authorities, and (iii) a strengthening of the powers of the European Supervisory Authorities over the national supervisors.en
dc.language.isoengen
dc.publisher|aMax Planck Institute for Research on Collective Goods |cBonnen
dc.relation.ispartofseries|aPreprints of the Max Planck Institute for Research on Collective Goods |x2011,12en
dc.subject.jelG28en
dc.subject.jelF53en
dc.subject.jelF33en
dc.subject.jelF36en
dc.subject.ddc330en
dc.subject.keywordEuropean Monetary Unionen
dc.subject.keywordsovereign debt crisisen
dc.subject.keywordbank supervisionen
dc.subject.stwÖffentliche Schuldenen
dc.subject.stwStaatsbankrotten
dc.subject.stwFinanzmarktkriseen
dc.subject.stwBankenkriseen
dc.subject.stwEuropäische Wirtschafts- und Währungsunionen
dc.subject.stwEU-Stabilitätspakten
dc.subject.stwBankenpolitiken
dc.subject.stwBankenaufsichten
dc.subject.stwEU-Politiken
dc.subject.stwEurozoneen
dc.subject.stwEU-Staatenen
dc.titleQuo vadis, euroland? European Monetary Union between crisis and reform-
dc.typeWorking Paperen
dc.identifier.ppn66251730Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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