Routledge Handbook of the Economics of European Integration (Routledge International Handbooks)
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Routledge Handbook of the Economics of European Integration provides readers with a brief but comprehensive overview of topics related to the process of European integration in the post-World War II period. Its short chapters reflect the most up-to-date and concise research, written by a collective of experts on their own subjects.
The aim of this book is twofold. Firstly, the text illustrates the broad and diverse range of issues associated with European integration, and lastly, the key approaches and findings are summarised. Since institutional integration in Europe is an ongoing process, with possibly frequent and sometimes rapid changes, the chapters are intended to focus on the key features of the economic analyses of these topics.
A wide and diverse set of economic issues is of direct relevance for European integration. These topics cover various fields, ranging from the history of the European Economic and Monetary Union, EU Trade Policy and the stability of international trade, single market issues over fiscal, monetary and other policies, the crisis that faces the Euro area, and institutions such as EU Council of Ministers. Not surprisingly, many of these issues have also been analysed from a European perspective.
This handbook is designed to provide students, researchers, the public and policy makers with ready and accessible knowledge of issues related to European integration and will provide the definitive overview of research in the area.
might be to project that an exogenous 1 percentage point increase in trade exposure would raise GDP by 0.5 per cent.10 Applying this to the EU in 2000 on the basis of the estimate by Baier et al. (2008) that the EU ‘shock’ had raised intra-EU trade by 100 to 125 per cent, from a counterfactual intra-EU trade exposure of 15.6 to 17.3 per cent of GDP to the actual intra-EU trade exposure of 34.6 per cent, the estimated impact on EU GDP is an increase of 8.6 to 9.5 per cent. Second, growth
unsustainable booms that when bursting can trigger ﬁscal crises. Unofﬁcial bodies, such as various think tanks, could in principle do the same thing. But the ofﬁcial mandate of a ﬁscal council is likely to make it more effective in pursuing these tasks, as this will probably result in much more media interest and less of suspicions of any hidden agenda. The impact can be magniﬁed by stipulations – or by establishing a practice – that the government must respond to the judgments of the council.
Community policies. The inadequacies and disequilibrium that have occurred in the process of realization of the Common Market are thus thrown into relief. Werner (1970, p. 8) The report’s most striking feature was the sharp delineation of a ﬁnal objective, of monetary union. Economic and monetary union will make it possible to realize an area within which goods and services, people and capital will circulate freely and without competitive distortions, without thereby giving rise to structural, or
Increasingly, European integration has taken the form of bureaucratic integration as a substitute for political integration. This process started as soon as the European political elite became aware that further political integration would be very difﬁcult. This process has become even stronger since the start of the sovereign debt crisis in the Eurozone. The outcome of this crisis has been that the European Commission and the ECB have seen their powers increase signiﬁcantly, without any increase
channel of monetary policy, as deﬁned by Bernanke and Gertler (1995), states that monetary policy (via monetary rates, reserve requirements but also quantitative easing) affects GDP and prices through credit. Both demand and supply of credit respond to monetary policy impulses, to different degrees, depending on the economic cycle (good or crisis times), on the type of loan and on the identity of the borrower (households, ﬁrms and banks). Figure 9.1 reports a schematic representation of how