Źródła kryzysu a nowe rozwiązania instytucjonalne w strefie euro

• Autorzy: Grzegorz Tchorek

Warianty tytułu

Roots of the Crisis and the New Institutional Arrangements in the Euro Area

• Języki publikacji: PL

Abstrakty

W tekście podjęto próbę oceny zdolności strefy euro do sprawnego funkcjonowania w efekcie podjętych i planowanych reform. Przedstawiono do dyskusji zarys modelu instytucjonalnego UE stanowiący kompromis pomiędzy obecnym, mocno zdecentralizowanym podejściem do prowadzenia polityki gospodarczej, a silnie scentralizowanym, uznawanym za pożądany dla poprawy jakości funkcjonowania strefy euro i UE. (fragment tekstu)

EN

The objectives of the article are concentrated on three main issues: firstly, identification of the main weaknesses of the euro area mechanisms which led to the crisis; secondly, an assessment of the introduced and proposed reforms; and thirdly, considering the optimal model of the euro area functioning in the future. The main findings from literature review indicate that the euro introduction was based on incorrect assumptions which led to real and nominal divergence between countries despite expected convergence. Moreover, the economic and financial crisis stressed that the euro area was an incomplete monetary union because of the insufficient stabilization instruments and low level of solidarity between countries. The new institutional regulations introduced in the EU are a big step towards strengthening current and establishing new mechanisms forming the fiscal, economic and financial pillars of the monetary union. However, the progress and quality of their implementation is conditioned by a lot of factors. The main risks which can undermine the effectiveness of the reforms are connected with the fact that they are related to the broad set of economic and political aspects and demand giving up of national competences which should be delegated to the UE level. The proposed model of European cooperation of a "hub and spoke" type means that the single currency is based on the power of institutions rather than on the power of sovereignty. It can constitute an alternative or transitional form of integration contrasting with decentralized monetary union before the crisis, and a highly centralized model of full political union, indicated as a target for the UE, and especially the euro area. (original abstract)

Słowa kluczowe

PL

Strefa euro; Kryzys finansowy; Przemiany instytucjonalne

EN

Eurozone; Financial crisis; Institutional transformation

• Czasopismo: Finanse : czasopismo Komitetu Nauk o Finansach PAN
• Rocznik: 2014
• Numer: nr 1(7)
• Strony: 9--36

Twórcy

autor

Grzegorz Tchorek

• Uniwersytet Warszawski

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