[European Monetary Union: Badly Prepared for Big Crises].
Europäische Währungsunion: schlecht gerüstet für große Krisen.
Journal
Wirtschaftsdienst (Hamburg, Germany : 1949)
ISSN: 0043-6275
Titre abrégé: Wirtschaftsdienst
Pays: Germany
ID NLM: 101086612
Informations de publication
Date de publication:
2021
2021
Historique:
entrez:
24
5
2021
pubmed:
25
5
2021
medline:
25
5
2021
Statut:
ppublish
Résumé
Even before the COVID-19 crisis, the European Monetary Union (EMU) exhibited an unsatisfactory economic development with low growth and inflation rates below the target rate of the central bank. Macroeconomic coordination among monetary and fiscal policy is necessary to fend off such large crises. Insufficient wage increases that lead to deflation need to be avoided. Last, but not least, a mechanism is needed to stabilise the financial system and quickly deal with non-performing loans. Except in the field of monetary policy, the EMU lacks institutions that support quick and sufficient economic policies. There is the danger that policy mistakes will lead to long-term stagnation in the EMU or possibly even a great recession.
Identifiants
pubmed: 34024950
doi: 10.1007/s10273-021-2921-6
pii: 2921
pmc: PMC8127446
doi:
Types de publication
English Abstract
Journal Article
Langues
ger
Pagination
369-375Informations de copyright
© Der/die Autor:in(nen) 2021.