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Aspects of Economic Governance in the Euro Area: Restoring Internal and External Balances

Christodoulakis, Nicos, (2016), “Aspects of Economic Governance in the Euro Area: Restoring Internal and External Balances”, Rivisteweb, 3 Δεκεμβρίου

The Economic Governance for the Euro Area is envisaged to be both an overseeing framework that enables the timely identification of oncoming trouble, as well as a correction mechanism that puts an economy hit by major shocks back in order. The paper discusses the relevance of prevention and correction mechanisms, and finds that exclusively focusing fiscal policy on debt sustainability may be misleading for all and more harmful to the weaker economies in particular, unless internal and external imbalances are taken into account.

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