Written by Marcin Grajewski
The 2008-09 financial crisis and the ensuing recession have prompted the euro area and the European Union to start overhauling their economic governance system. They established three authorities to better supervise the financial markets, improved mechanisms to oversee and coordinate fiscal policies, created procedures to correct economic imbalances, and launched a Banking Union. The euro-area countries created rescue funds for countries in economic trouble. The reform process continues and is high on the EU agenda for the first half of 2015.
© Jörg Hackemann / Fotolia
The European Council in December 2014 called for further steps to improve economic governance, tasking the President of the European Commission, helped by the President of Euro Summit, President of the Eurogroup and the President of the European Central Bank to draft a report on further steps. The four Presidents published an analytical note in February, suggesting that economic governance needs further, profound changes or the euro zone may face continued high unemployment and low growth. The note posed questions to EU heads of state and government about future reforms. A full report is to be published ahead of the EU summit in June. The European Parliament is currently finishing work on the report on economic governance (Berès report). In his speech to an informal European Council meeting in February, EP President Martin Schulz called for a full involvement of the Parliament, on equal footing with other institutions, in the ongoing analysis of the needed reforms.
The think tank community is currently holding a lively debate on euro governance and a wider discussion on the way the EU should be run. This note offers links to recent commentaries, studies and reports on the topic from major international think tanks and research institutes.
Commentaries
Euro-area governance: What to reform and how to do it Bruegel, February 27, 2015
Juncker’s three steps to improve the Commission’s standing in the EU
Centre for European Reform (CER), February 11, 2015
Emotional intelligence for EU democracy Carnegie Europe, January 26, 2015
Repair and Prepare: Strengthening Europe’s economies after the crisis
Jacques Delors Institute, Bertelsmann Stiftung, January 13, 2015
A new balance of power in the Council? Yes, but not yet… Centre for European Reform, December 19, 2015
The case of the disappearing Fiscal Compact Centre for European Policy Studies(CEPS), November 5, 2014
‘Rethink and reset': Time to get rid of the Stability and Growth Pact?
European Centre for International Political Economy (ECIPE), November, 2014
An investment new deal for Europe Brookings Institution, September 3, 2014
Analyses
Living (dangerously) without a fiscal union Bruegel, March 24, 2015
Fiscal policy coordination: A necessary step for the euro zone recovery
Luiss School of European Political Economy, March 3, 2015
Réparer et préparer : renforcer les économies européennes après la crise Notre Europe, January 30, 2015
In search of a new equilibrium: Economic imbalances in the euro zone
Instituto Affari Internazionali, January, 2015
Is Europe’s economic stagnation inevitable or policy-driven?
Centre for European Reform, December 23, 2015
Enhancing the legitimacy of EMU governance Centre for European Policy Studies, December 18, 2014
Rebuilding Europe’s common future: Combining growth and reform
Peterson Institute for International Economics, December, 2014
The sense and nonsense of euro-zone level democracy Egmont, October, 2014
Policy recommendations for the new European Commission: Priorities for stabilising EMU
European Policy Centre, September 30, 2014
Interpreting the Stability and Growth Pact Lisbon Council, September 10, 2014
Labour market reforms and current account imbalances: Beggar-thy-neighbour policies in a currency union? Centre for European Policy Studies, September 8, 2014
EU to Do 2015-2019: Memos to the new EU leadership Bruegel, September 4, 2015
Who leads the new EMU? Implications of the economic crisis for the EU’s institutions
Finnish Institute of International Affairs, February, 2014
Related publications
Unequal Europe: Recommendations for a more caring EU Friends of Europe, February 24, 2015
The four unions ‘pie’ on the Monetary Union ‘cherry’ Bruegel, February 9, 2015
Debt sustainability and economic convergence of euro area member states: Challenges and solutions
Peterson Institute for International Economics, February, 2015
An unemployment insurance scheme for the euro area: A simulation exercise of two options
Centre for European Policy Studies, December 9, 2014
Towards a new industrial policy for Europe European Policy Centre, November 12, 2014
Tax harmonization in Europe: Moving forward Bruegel, July 17, 2014
European Parliament publications
A history of European monetary integration
European Parliamentary Research Service, Members’ Research Service, March 16, 2015
Main elements of the Banking Union
Directorate-General for Internal Policies, Economic Governance Support Unit, March 23, 2015
The economic governance framework of EMU: stocktaking of building blocks
Directorate-General for Internal Policies, Economic Governance Support Unit, February 19, 2015
Read this At a glance on European economic governance in PDF
Filed under: Economic and Social Policies, PUBLICATIONS Tagged: At a glance, banking union, economic and monetary union (EMU), economic crisis, economic governance, economics and monetary issues, euro zone, Marcin Grajewski, what think tanks are thinking 
