The Euro crisis: Economic governance and budgetary surveillance

This paper forms part of a series of working papers on the euro crisis by leading Irish commentators.

The author, Pat McArdle, evaluates measures taken to date by the European Union to improve economic governance and tighten fiscal surveillance. His analysis encompasses the so-called 'six-pack' of economic governance legislation which recently took effect, the European Commission's November 2011 proposals in this area, and the 'fiscal compact' proposed by European leaders at their December 2011 summit. He identifies a tension between 'softliners' and 'hardliners' when it comes to the enforcement of budgetary discipline as a solution to the euro crisis.