How should better governance of the EMU look like? (Part III)
This is the (updated) translation of an article that was published March 24, 2015 on flassbeck-economics. We are publishing one article in English every week to allow more readers to follow closely our analysis of global and European events. However, translation is not free and we have to ask for a contribution from our English speaking readers also.
This is the third part of my discussion of the paper “Preparing for Next Steps on Better Economic Governance in the Euro Area”, which was used at an informal gathering of the European Council in Brussels a couple of weeks ago. The first and the second part are here.
In the third section of the ‚Analytical Note,‘ the authors list five reforms of the regulatory framework that have been implemented in order to combat the economic crisis in Europe. The authors add that, in their view, if these regulatory mechanisms had existed ten years earlier, the development of the EMU, both before and after the financial crisis, would have led to significantly better results. Is this an admission that they did not do their work in a proper way? [...]