The transition from the crisis of 2007 to a common eu fiscal policy: eurobones and the role of the ECB
Abstract
The origin of the financial crisis, that began in 2007, the unfinished process of building Economic and Monetary Union, as well as the shortcomings of the Eurosystem highlighted the weaknesses of the European Union. The ECB compared to the rest of the world’s central banks, had its own limitations that conditioned its response.
The commitment of governments to maintain sound public finances, with non-compliance response mechanisms, coupled with a common monetary policy aimed at price stability based on the ECB, seemed sufficient in the absence of common budgetary institutions. This model that went bankrupt in times of crisis necessitated the need to move forward in the process of building a real tax union.
Received: 15.03.2021
Accepted: 18.06.2021
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Last update: 08/02/2022
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