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Completing Europe’s economic and monetary union

Dabrowski, Marek, (2016), “Completing Europe’s economic and monetary union“, Bruegel Publications, 10 March

This note has been written in response to the UK House of Lords European Union Committee’s Call for Evidence on ‘Completing Europe’s Economic and Monetary Union’. The opinions presented here represent solely the view of their author and not necessarily the institutions, which he is affiliated with. Thus, these opinions can be attributed publicly to the author only. Taking into consideration author’s background (international macroeconomics) the comments presented in this note will concentrate on economic content and mechanisms of actual and potential future EU legislation rather than its legal aspects. This note is divided into ten sections, which deal with the following issues: general characteristics of the ‘Five Presidents’ Report (Section 2), fiscal rules and fiscal discipline (Section 3), convergence, jobs and growth (Section 4), the European Semester and related mechanisms (Section 5), Macroeconomic Imbalances Procedure (Section 6), Banking and Capital Market unions (Section 7), prospects of the Fiscal Union (Section 8), external representation of the Euro Area in international financial institutions (Section 9) and relations between the Euro area ‘Ins’ and ‘Outs’ (Section 10).

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