Institutional Responses to the Crisis
Institutional Responses to the Crisis
This chapter provides an analysis of the measures adopted to address the euro area crisis. First, a quick intervention was necessary in order to stabilize the situation of certain euro countries. To this end, several loan facilities were created, and the European Central Bank (ECB) also played an important role in calming down the markets. Second, several measures have been adopted in order to improve budgetary surveillance and economic coordination. Third, inadequate financial regulation was one of the causes at the heart of the global financial crisis that started in 2007, and which is connected to the euro area crisis. Accordingly, the EU has undertaken, and is still in the process of undertaking, important reforms aimed at the creation of a stronger financial framework, and a so-called banking union for the euro area.
Keywords: bailouts, ESM, European Central Bank, ECB, budgetary surveillance, economic coordination, European Semester, Treaty on Stability, Coordination and Governance, Fiscal Compact, banking union
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