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Completing EMU And Protecting Public Investment

, Social Europe, 6 Δεκεμβρίου

For many today, debating institutional adjustments to the European Monetary Union embodies typical Brussels solipsism. If it ain’t broke, don’t fix it seems to be a reasonable point of departure, especially with economic growth slowly but steadily returning to Europe, mainly driven by private consumption. However, it is still broken when it comes to sufficiently high levels of public investment and thus fails to meet the precondition for long-term growth and convergence across the Member States. In short, the continued accumulation of public investment shortfalls since the crisis, exacerbated by its aftermath, raises questions about the adequacy of the Euro Area’s institutional architecture.

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