The Interplay of Economic Reforms and Monetary Policy
The Case of the Eurozone
Bibliographic Data
| ID | 7876957 |
|---|---|
| Authors | FRANCESCO DRUDI (European Central Bank), ALAIN DURRÉ (Université Catholique de Lille), Francesco Paolo Mongelli (0000-0002-9543-2855, Goethe University Frankfurt) |
| Year | 2012 |
| Volume | 50 |
| Issue | 6 |
| Pages | 881-898 |
| Publication date | 2012-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | JCMS Journal of Common Market Studies (JOURNAL) |
| Journal identifiers | ISSN: 0021-9886 • E-ISSN: 1468-5965 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1468-5965.2012.02290.x |
| OpenAlex | W2090434388 |
| Language | EN |
| Citations received | 23 |
| References cited | 13 |
The world has been struck by a mutating systemic financial crisis that is unprecedented in terms of financial losses and fiscal costs, geographic reach, and speed and synchronization. The crisis from August 2007 to date can be divided into three main phases: the financial turmoil from August 2007 to the collapse of Lehman Brothers; the global financial crisis from September 2008 until spring 2010; and the eurozone sovereign debt crisis from spring 2010 to the current period. While each phase has brought significant challenges, the current sovereign debt crisis has been the most critical stage for the eurozone. It has brought unprecedented challenges for the monetary union and triggered extraordinary adjustments in both monetary policy and institutional arrangements at the eurozone level. The purpose of this article is to outline the features of each crisis phase, to describe the actions taken by the European Central Bank (ECB) during each phase and to explain the rationale for such measures. It also discusses the need to strengthen further the economic union in order to guarantee the sustainability of the monetary union of the eurozone. In this respect, it is argued that the recent institutional adjustments made at the European Union level would have been necessary independently of the financial crisis
Banking Union · Debt · Economic and monetary union · Economic policy · Economics · European debt crisis · European integration · European union · Financial crisis · Financial system · Fiscal policy · Fiscal union · International economics · Keynesian economics · Monetary economics · Monetary policy · Order (exchange · Political science · Sovereignty · Banking stability, regulation, efficiency · Economic Theory and Policy · Finance · Global Financial Crisis and Policies
Political Science and the Eurozone Crisis. A Review of Scientific Journal Articles 2004–15
Introduction to the Symposium
Equilibrium Real Interest Rates and Secular Stagnation
The Politicization of the European Central Bank
Can Euribor be fixed
EU governance in the run-up to 2025
Les politiques économiques européennes face à la Grande Récession
The political economy of euro area sovereign debt restructuring
Theoretical perspectives on the new era of central banking
Preparedness, Crisis Management and Policy Change
Political leadership of the European Central Bank
Do National Economic Shocks Influence E uropean C entral B ank Interest Rate Decisions? The Impact of the Financial and Sovereign Debt Crises
National Parliaments and the Eurozone Crisis
Reinterpreting the rules ‘by stealth’ in times of crisis
Strengthening the European Commission's budgetary and economic surveillance capacity since Greece and the euro area crisis
A historical institutionalist explanation of the EU's responses to the euro area financial crisis
The government bond buying programmes of the European Central Bank
Providing political leadership? Three case studies on Germany's ambiguous role in the eurozone crisis
Banking on Bonds
Rethinking EU Governance
TheGerman Model and theEuropean Crisis
European Monetary Union reform preferences of French and German parliamentarians
Multiple clocks in network evolution
| Unique citing works | 23 |
|---|---|
| Citations per year | 1,64 |
| Citation span | 2012 - 2022 (11) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 22 |