Reforming European Economic Governance

For the last three years the global economy has been hit by a series of shocks following the banking and financial crisis of 2008. The repercussions of these have been deeply felt in Europe where both eurozone and non-eurozone countries have experienced significant economic and fiscal difficulties. The policies and institutions of the EU have had to adapt to an evolving situation and at times the EU has been criticised for appearing slow to respond.

The agreements reached at two European Councils and a Eurogroup meeting in March 2011 laid down new rules and procedures to try to avoid some of the difficulties being repeated, strengthened economic governance and established a permanent stability (i.e. bailout) mechanism for the eurozone. These agreements were the culmination of discussions over many months. The background to these was covered in previous Senior European Experts group papers, including a longer paper entitled 'Europe and the Eurozone: Stability Restored or Continuing Crisis?' which can be found on the website of the European Movement.

This paper does not cover the detailed background to the economic and fiscal crisis but focuses on the agreements reached in March 2011 and their implications for the both eurozone and non-eurozone EU Member States.

Senior European Experts https://senioreuropeanexperts.org/

ESO: Background information: EU push for stricter economic governance http://www.europeansources.info/record/eu-push-for-stricter-economic-governance/

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