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Coordination of economic policies in the EU and the financial crisis.
Twists and shifts in the institutional architecture of the EMU
Rebecca-Emmanuela G. Papadopoulou
Assistant Professor, Faculty of Law, NKUA
ABSTRACT
The purpose of this study is to investigate whether the responses to the current
financial crisis, as set up by the EU and its Member States, have impacted –and,
if so, to what extent– on the institutional architecture of the EMU, and more
specifically on the mechanism of coordination of national economic policies. The
study explores the initiatives undertaken outside the EU framework (bilateral
agreements, EFSF, ESM, Fiscal Compact, and the ECB initiative on OMT) as
well as those set up within this framework (EFSM, reform of the SGP through
the “Six-Pack” and “Two-Pack” measures). It concludes that all these solutions
have shaped a new coordination scheme, which is expected to be more coher-
ent and effective than the initial one, as it is based on two complementary and
interdependent pillars: prevention through enhanced surveillance coupled with
sanctions, and assistance against strict conditionality.
ISBN 978-960-622-345-7
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