Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform


Abstract


The article considers the long-standing limits of the Economic and Monetary Union (EMU) through the lenses of Next Generation EU (NGEU) pandemic response evidencing how Covid-19 exacerbated EMU shortcomings are (not) overcome. We evaluate whether NGEU is only a palliative stop-gap fix to structural problems and how for Covid-19 to be considered as a breaking point for EU economic governance permanent ambitious (Treaty) reform is an essential and so far not uncontested step. A qualitative systematic review of weaknesses of EMU and proposed reforms informs a scoreboard evaluation of NGEU. Results confirm that while the symmetric crisis allowed suspending risk-sharing and solidarity vetoes, deep structural asymmetries and unfitness of (intergovernmental) decision-making cannot be addressed through NGEU temporary emergency mechanism. Hence Covid-19 so far cannot be narrated as sparking a revolutionary deviation from the architecture and guiding principle of the supranational fiscal framework. At the same time, the pandemic opened a (short-lived) window of opportunity for completing the EMU, requiring permanent structural institutional (Treaty) reform. A timely finding – grounded in copious extant literature on the EMU – highlighting the high stakes of the ongoing Conference of the future of Europe, whose success can only materialise through an ambitious (federal) agenda.

DOI Code: 10.1285/i20356609v14i3p1274

Keywords: Conference on the Future of Europe; Covid-19; EMU; European Integration; Fiscal Union; NGEU

References


/0104(COD), Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a Recovery and Resilience Facility, COM/2020/408 final/3.

Abels, J. (2019), “Power behind the Curtain: The Eurogroup’s Role in the Crisis and the Value of Informality in Economic Governance”, European Politics and Society, 20 (5): 519–34.

Alcidi, C., GIovannini, A. and S. Piedrafita (2014), “Enhancing legitimacy of the EMU Governance”, CEPS Special Report, 98.

Andor, L. (2017), “The Impact of Eurozone Governance on Welfare State Stability”, In A European Social Union after the Crisis, 143–59. Department of Economic Policy, Corvinus University, Budapest, Hungary: Cambridge University Press.

Angelaki, M. (2016), “Policy Continuity and Change in Greek Social Policy in the Aftermath of the Sovereign Debt Crisis”, Social Policy and Administration, 50 (2): 262–77.

Auel, K, and O Höing (2015), “National Parliaments and the Eurozone Crisis: Taking Ownership in Difficult Times?”, West European Politics, 38 (2): 375–95.

Bachtrögler-Unger, J., M. Holzner, V. Kubeková, and M. Schratzenstaller (2020), “Overcoming the Net Position Thinking in EU Member States”, ÖGfEn Policy Brief,(https://oegfe.at/wordpress/wp-content/uploads/2020/07/PB-192020.pdf).

Baroncelli, S. (2018), “Long-Term vs Short-Term Perspectives: Adaptation, Stability and the Roles of the Constitutional Courts in the Management of the Eurozone Crisis in Germany and Italy”, Contemporary Italian Politics. 10 (1): 36–55.

Bassi, F., and C. Durand (2018), “Crisis in the European Monetary Union: A Core-Periphery Perspective”, Economia Politica, 35 (1): 251–56.

Benjamin, J. (2020), “Challenges to EU Integration in the Early Months of the COVID-19 Pandemic”, Journal of Global Politics and Current Diplomacy, 8(1): 49–68.

Bergbauer, S., N. Hernborg, J.-F. Jamet, and E. Persson (2020), “The Reputation of the Euro and the European Central Bank: Interlinked or Disconnected?”, Journal of European Public Policy, 27 (8): 1178–94.

Bibow, J. (2016) “Making the Euro Viable: The Euro Treasury Plan”; European Journal of Economics and Economic Policies: Intervention; 13 (1): 72–86.

Bongardt, A., and F. Torres (2018), “The Road towards a Genuine Economic and Monetary Union: More Competitive and Fairer”, In Competitiveness and Solidarity in the European Union: Interdisciplinary Perspectives, 240–63. London School of Economics, National Institute for Public Administration, University Fernando Pessoa, Porto, Portugal: Taylor and Francis.

Booth, A. (2016), “Searching for Qualitative Research for Inclusion in Systematic Reviews: A Structured Methodological Review”, Systematic Reviews, 5 (1): 74.

Botta, A., E. Caverzasi, and A. Russo (2020). “Fighting the COVID-19 Crisis: Debt Monetisation and EU Recovery Bonds”, Intereconomics, 55 (4): 239–44.

Bremer, B., and P. Genschel (2020), “Corona Solidarity”, EUIdeas, May 7, 202, (https://euideas.eui.eu/2020/05/07/corona-solidarity/).

C/2020/1863. Comunicazione della Commissione Quadro temporaneo per le misure di aiuto di Stato a sostegno dell’economia nell’attuale emergenza del COVID-19 2020/C 91 I/01.

Cafaro, S. (2020), Quale quantitative easing e quale Unione europea dopo la sentenza del 5 maggio?,

(http://www.sidiblog.org/2020/05/08/quale-quantitative-easing-e-quale-unione-europea-dopo-la-sentenza-del-5-maggio/).

Camous, A., and G. Claeys (2020). “The evolution of European economic institutions during the COVID‐19 crisis”, European Policy Analysis, 6(2): 328–341.

Celi, G., Guarascio, D. and A. Simonazzi (2020), “A fragile and divided European Union meets Covid-19: further disintegration or ‘Hamiltonian moment’?” Journal of Industrial and Business Economics, 47(3): 411–424.

Ceron, M., Palermo, C. M. and D. Grechi (2021), “Covid-19 Response Models and Divergences Within the EU: A Health Dis-Union”, Statistics, Politics and Policy.

Ceron, M., C. M. Palermo, and V. Salpietro (2020), “Limiti e Prospettive Della Gestione Europea Durante La Pandemia Da Covid-19”, Biblioteca Della Libertà, 55 (228).

Cesaroni, T., E. D’Elia, and R. De Santis (2019), “Inequality in EMU: Is There a Core Periphery Dualism?”, The Journal of Economic Asymmetries, 20 (November): e00121.

Constâncio, V. (2020), “The Return of Fiscal Policy and the Euro Area Fiscal Rule”, Comparative Economic Studies, 62 (3): 358–72.

Corsetti, G., L. Dedola, M. Jarociński, B. Maćkowiak, and S. Schmidt (2019), “Macroeconomic Stabilization, Monetary-Fiscal Interactions, and Europe’s Monetary Union”, European Journal of Political Economy 57: 22–33.

Costamagna, F. (2018), “National Social Spaces as Adjustment Variables in the EMU: A Critical Legal Appraisal”, European Law Journal, 24 (2–3): 163–90.

Coudert, V., C. Couharde, C. Grekou, and V. Mignon (2020), “Heterogeneity within the Euro Area: New Insights into an Old Story”, Economic Modelling, 90: 428–44.

Council (2020), Proposal for a Regulation of the European Parliament and of the Council establishing a Recovery and Resilience Facility - Mandate for negotiations with the European Parliament, (https://www.consilium.europa.eu/media/46069/st11538-en20.pdf)

Davis, L. E., C. Konstantinidis, and Y. Tripodis (2017), “A Proposal for a Federalized Unemployment Insurance Mechanism for Europe”, European Journal of Economics and Economic Policies: Intervention, 14 (1): 92–116.

Dawson, M. (2018), “New Governance in the EU after the Euro Crisis-Retired or Reborn?”, In EU Legal Acts: Challenges and Transformations, 106–27, Hertie School of Governance, Berlin, Germany: Oxford University Press.

Dawson, M., and A. Maricut-Akbik (2020), “Procedural vs Substantive Accountability in EMU Governance: Between Payoffs and Trade-Offs”, Journal of European Public Policy, https://doi.org/10.1080/13501763.2020.1797145.

De Grauwe, P. and Y. Ji (2018), “Core-Periphery Relations in the Eurozone”, Economists’ Voice, 15 (1): 1–16.

De Grauwe, P., H. Dewachter, and Y. Aksoy (2018), “From EMS to EMU: Are We Better Off?”, In The Political Economy of European Monetary Unification, Second Edition, 157–77, Catholic University of Leuven, Belgium: Taylor and Francis.

De La Porte, C., and E. Heins (2015), “A New Era of European Integration Governance of Labour Market and Social Policy since the Sovereign Debt Crisis”, Comparative European Politics, 13 (1): 8–28.

de la Porte, C. and M. D. Jensen (2021), “The next generation EU: An analysis of the dimensions of conflict behind the deal”, Social Policy & Administration, 55(2): 388–402.

De Wilde, P., and T. Raunio (2018), “Redirecting National Parliaments: Setting Priorities for Involvement in EU Affairs”, Comparative European Politics, 16 (2): 310–29.

De Witte, B. (2015), “Euro Crisis Responses and the EU Legal Order: Increased Institutional Variation or Constitutional Mutation?”, European Constitutional Law Review, 11 (3): 434–57.

Dixon-Woods, M., R. L. Shaw, and S. Agarwal (2004), “The Problem of Appraising Qualitative Research”, Qual Saf Health Care, 13: 223–25.

Donnelly, S. (2018), Power Politics, Banking Union and EMU: Adjusting Europe to Germany. Power Politics, Banking Union and EMU: Adjusting Europe to Germany, International relations and European Studies, University of Twente, Netherlands: Taylor and Francis.

ECB (2020b), Monetary policy decisions, (https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html).

Ederer, S., and P. Reschenhofer (2018), “Macroeconomic Imbalances and Structural Change in the EMU”, Structural Change and Economic Dynamics, 46: 59–69.

EUCO (2020a), Statement of EU ministers of finance on the Stability and Growth Pact in light of the COVID-19 crisis; (https://www.consilium.europa.eu/en/press/press-releases/2020/03/23/statement-of-eu-ministers-of-finance-on-the-stability-and-growth-pact-in-light-of-the-covid-19-crisis/).

EUCO (2020b) Conclusioni del Consiglio europeo, 17-21 luglio 2020. (https://www.consilium.europa.eu/media/45118/210720-euco-final-conclusions-it.pdf).

Fabbrini, F. (2020). Possible Further Avenues for Further Political Integration, (https://www.europarl.europa.eu/thinktank/en/document.html?reference=IPOL_STU(2020)651849).

Fabbrini, S. (2016), “From Consensus to Domination: The Intergovernmental Union in a Crisis Situation”, Journal of European Integration, 38 (5): 587–99.

Farvaque, E., and F. Huart (2018), “Drowned by Numbers? Stabilization Properties of an EU-Wide Unemployment Insurance System”, Applied Economics, 50 (38): 4153–81.

Fernández, S. G., and C. F. M. de Vidales (2020), “The European Economic Governance and its juridical and institutional implications: Twenty-five years of adjustments”, Revista de Derecho Politico, 108: 301–33.

Ferreiro, J., C. Gálvez, and A. González (2015), “Fiscal Policies in the European Union during the Crisis”, Panoeconomicus, 62 (2): 131–55.

Foglia, M., A. Cartone, and C. Fiorelli (2020), “Structural Differences in the Eurozone: Measuring Financial Stability by Fci”, Macroeconomic Dynamics, 24 (1): 69–92.

Fromage, D. (2018), “The European Parliament in the Post-Crisis Era: An Institution Empowered on Paper Only?”, Journal of European Integration, 40 (3): 281–94.

Fromage, D., and T. van den Brink (2018), “Democratic Legitimation of EU Economic Governance: Challenges and Opportunities for European Legislatures”, Journal of European Integration, 40 (3): 235–48.

Genovese, F., and G. Schneider (2020), “Smoke with Fire: Financial Crises and the Demand for Parliamentary Oversight in the European Union”, Review of International Organizations, 15 (3): 633–65.

Gocaj, L., and S. Meunier (2016), “Time Will Tell: The EFSF, the ESM, and the Euro Crisis”, In Redefining European Economic Governance, 45–59. Taylor and Francis Inc.

Grund, S, and F Grle (2016), “The European Central Bank’s Public Sector Purchase Programme (PSPP), the Prohibition of Monetary Financing and Sovereign Debt Restructuring Scenarios”, European Law Review, 41 (6): 781–803.

Grund, S., and F. Grle (2016), “The European Central Bank’s Public Sector Purchase Programme (PSPP), the Prohibition of Monetary Financing and Sovereign Debt Restructuring Scenarios”, European Law Review, 41 (6): 781–803.

Hebous, S. and A. Weichenrieder (2016), “Toward a Mutualization of European Unemployment Insurance? On Limiting the Downsides of a Fiscal Transfer System for the Eurozone”, CESifo Economic Studies, 62 (2): 376–95.

Heipertz, M., and A. Verdun (2010), Ruling Europe: The Politics of the Stability and Growth Pact, Cambridge: Cambridge University Press.

Heise, A. (2015), “Governance without government or: The Euro Crisis and what went wrong with European Economic Governance?”, in H. Brunkhorst, C. Gaitanides, and G. Grözinger (Eds.), Europe at a Crossroad, (pp. 155–176), Nomos.

Herzog, B. (2018), “Reforming the Eurozone: Assessment of the Reform Package by the European Commission – Treating Symptoms or Root Causes?”, Economics & Sociology, 11 (3): 59–77.

Howarth, D., and L. Quaglia (2021), “Failing forward in Economic and Monetary Union: explaining weak Eurozone financial support mechanisms”, Journal of European Public Policy, 28(10): 1–18

Howarth, D., and J. Schild (2021), “Nein to ‘Transfer Union’: the German brake on the construction of a European Union fiscal capacity”, Journal of European Integration, 43(2): 207–224.

Howarth, D., and A. Verdun (2020), “Economic and Monetary Union at Twenty: A Stocktaking of a Tumultuous Second Decade: Introduction”, Journal of European Integration, 42 (3): 287–93.

Jacobsson, B., Pierre, J., and G. Sundtröm (2015), Governing the Embedded State. The organizational dimension of Governance. Oxford University Press.

Jacquot, S., and T. Vitale (2014), “Law as weapon of the weak? A comparative analysis of legal mobilization by Roma and women’s groups at the European level”, Journal of European Public Policy,

(4): 587–604.

Jackson, R. (2007). Sovereignty: A Changing but Persisting Idea. ISPI Quaderni Di Relazioni Internazionali, 6(Dicembre), 4–14.

https://www.ispionline.it/sites/default/files/pubblicazioni/qri6_0.pdf

Jones, E., R. D. Kelemen, and S. Meunier (2016), “Failing Forward? The Euro Crisis and the Incomplete Nature of European Integration”, Comparative Political Studies, 49 (7): 1010–34.

Jones, E., Kelemen, R. D., & Meunier, S. (2021). Failing forward? Crises and patterns of European integration”, Journal of European Public Policy, 28(10): 1519-1536.

King, D., and P. Le Galès (Eds.). (2017). Reconfiguring European States in Crisis. Oxford University Press.

Ladi, S., and D. Tsarouhas (2020), “EU economic governance and Covid-19: policy learning and windows of opportunity”, Journal of European Integration, 42(8): 1041–1056.

Landais, C., Saez, E. and G. Zucman (2020), A progressive European wealth tax to fund the European COVID response, (https://voxeu.org/article/progressive-european-wealth-tax-fund-european-covid-response).

Lionello, L. (2017), “Establishing a Budgetary Capacity in the Eurozone. Recent Proposals and Legal Challenges”, Maastricht Journal of European and Comparative Law, 24 (6): 822–42.

Lionello, L. (2020), “Next Generation EU : has the Hamiltonian moment come for Europe ?” Eurojus, 4(May): 22–42.

Lombardo, S. (2015), “The Independence of the European Central Bank between Monetary Union and Fiscal Union: The OMT Case as a Conflict among Non-Majoritarian Institutions”, Law and Economics Yearly Review 4: 195–214.

Lord, C. (2017), “How Can Parliaments Contribute to the Legitimacy of the European Semester?”, Parliamentary Affairs, 70 (4): 673–90.

Louis, J.-V. (2016), “The EMU after the Gauweiler Judgment and the Juncker Report”, Maastricht Journal of European and Comparative Law, 23(1): 55–78.

Maatsch, A. (2016), Parliaments and the Economic Governance of the European Union: Talking Shops or Deliberative Bodies? University of Cologne, Germany: Taylor and Francis.

Majone, G. (1996), “Regulatory Legitimacy”, in Majone, G.(eds.) , Regulating Europe, London, Routledge, 1996, pp.284-301

Maris, G., and P. Sklias (2016), “France, Germany and the New Framework for EMU Governance”, Journal of Contemporary European Studies, 24 (1): 1–23.

Martínez Alarcón, M. L., and M. G. Lagos Rodríguez (2017), “Economic governance of the european union during the crisis: Consequences for the process of integration”, Revista de Estudios Politicos, 176: 147–89.

Mathieu, C., and H. Sterdyniak (2019), “Economic Policies in the Euro Area after the Crisis.” Revue de l’OFCE 6: 5–10.

Menéndez, A. J. (2019), “Which economic and monetary union? Reflections on the gauweiler saga”, Revista Espanola de Derecho Constitucional, 2019 (116): 269–99.

Mody, A. (2015), “Did the German Court Do Europe a Favour?”, Capital Markets Law Journal, 10 (1): 6–22.

Moreira Ramalho, T. (2020), “The Troika in Its Own Words: Responding to the Politicisation of the Southern European Crises”, Journal of European Integration, 42 (5): 677–93.

Moyen, S., N. Stähler, and F. Winkler (2019), “Optimal Unemployment Insurance and International Risk Sharing”, European Economic Review, 115: 144–71.

Nardo M., Saisana M., Saltelli A. and Tarantola S. (2008) Handbook on Constructing Composite Indicators: Methodology and User Guide. OECD, European Commission, Joint Research Centre. OECD Publ. Paris.

Nicoli, F. (2019), “Integration through Crises? A Quantitative Assessment of the Effect of the Eurocrisis on Preferences for Fiscal Integration”, Comparative European Politics, 17 (3): 397–425.

Occhino, F. (2017), “The 2012 Eurozone Crisis and the ECB’s OMT Program: A Debt-Overhang Banking and Sovereign Crisis Interpretation”, European Economic Review, 100: 337–63.

Oeking, A. (2015), “The European Periphery during the Crisis: Fix or Float?”, Applied Economics Letters, 22 (4): 285–90.

Pavolini, E., M. León, A. M. Guillén, and U. Ascoli (2015), “From Austerity to Permanent Strain the EU and Welfare State Reform in Italy and Spain”, Comparative European Politics, 13 (1): 56–76.

Pennesi, F. (2016), “The Impossible Constitutional Reconciliation of the BVerfG and the ECJ in the OMT Case. A Legal Analysis of the First Preliminary Referral of the BVerfG”, Perspectives on Federalism, 8 (3): N1–21.

Perugini, C., J. Ž. Rakić, and M. Vladisavljević (2019), “Austerity and Gender Inequalities in Europe in Times of Crisis”, Cambridge Journal of Economics, 43 (3): 733–68.

Piattoni, S. (2020), “The democratic quality of the European semester”, Rivista Italiana di Politiche Pubbliche, 15 (2): 187–206.

Pisani-Ferry, J. (2016), “The Eurozone’s Zeno Paradox – And How to Solve It”, Geneva Reports on the World Economy, 2016-Febru: 75–86.

Prosser, T (2020), “How Do Social Movements Behave within EMU? The Case of Trade Union Reaction to EU Austerity,” Journal of European Integration. https://doi.org/10.1080/07036337.2020.1730345.

Puetter, U. (2015). The European Council. In The New Intergovernmentalism (pp. 165–184). Oxford University Press.

Puetter, U. (2016), “Why EMU requires Informal governance”, in Puetter, U. Eurogroup, Manchester, Manchester University Press.

Rapone, L. (2004). Storia dell’Integrazione Europea. Carocci.

Rasnača, Z., and S. Theodoropoulou (2020), “EMU and the European Pillar of Social Rights: Do (Shall) the Twain Ever Meet?”, Politiche Sociali, 7 (2): 331–54.

Rhodes, M. (2021), “‘Failing forward’: a critique in light of covid-19”, Journal of European Public Policy, 28(10): 1–18.

Rossolillo, G. (2018), “Fiscalità e sovranità: riflessioni sulla ripartizione delle competenze tra Stati membri e Union Europea”, Il Diritto dell’Unione Europea, 123-152.

Sabat, I., S. Neuman-Böhme, N. E. Varghese, P. Pita Barros, W. Brouwer, J. van Exel, J. Schreyögg, and T. Stargardt (2020), “United but Divided: Policy Responses and People’s Perceptions in the EU during the COVID-19 Outbreak”, Health Policy, June.

Scharpf, Fritz W. (1999), Governare l’Europa, Bologna, Il Mulino.

Schild, J. (2020), “EMU’s Asymmetries and Asymmetries in German and French Influence on EMU Governance Reforms”, Journal of European Integration, 42 (3): 449–64.

Schmidt, V. A. (2020), “Theorizing institutional change and governance in European responses to the Covid-19 pandemic”, Journal of European Integration, 42(8): 1177–1193.

Schoeller, M. G. (2020), “Preventing the Eurozone Budget: Issue Replacement and Small State Influence in EMU”, Journal of European Public Policy.

Schoeller, M. G. and O. Karlsson, (2021), “Championing the ‘German model’? Germany’s consistent preferences on the integration of fiscal constraints”, Journal of European Integration, 43(2): 191–206.

Schularick, M., Steffen, S., and T. H. Tröger (2020), Bank capital and the European recovery from the COVID-19 crisis, CEPR Discussion Paper No. DP14927.

Schuman, R., (1950), « Declaration du 9 mai 1950 », (https://www.robert-schuman.eu/fr/declaration-du-9-mai-1950).

Snell, J. (2016), “The Trilemma of European Economic and Monetary Integration, and Its Consequences”, European Law Journal, 22 (2): 157–79.

Stockhammer, E., C. Constantine, and S. Reissl (2020), “Explaining the Euro Crisis: Current Account Imbalances, Credit Booms and Economic Policy in Different Economic Paradigms”, Journal of Post Keynesian Economics 43 (2): 231–66.

Tamborini, R., and M. Tomaselli (2020), “The Determinants of Austerity in the European Union 2010–16”, North American Journal of Economics and Finance, 51.

Terzi, A. (2020), “Macroeconomic Adjustment in the Euro Area”, European Economic Review, 128.

Tesche, T. (2019), “Instrumentalizing EMU’s Democratic Deficit: Te ECB’s Unconventional Accountability Measures during the Eurozone Crisis”, Journal of European Integration, 41 (4): 447–63.

Tesche, T. (2019), “Instrumentalizing EMU’s Democratic Deficit: The ECB’s Unconventional Accountability Measures during the Eurozone Crisis”, Journal of European Integration, 41 (4): 447–63.

Thirion, G. (2017), European Fiscal Union : Economic Rationale and Design Challenges, CEPS Working Document, (https://www.ceps.eu/ceps-publications/european-fiscal-union-economic-rationale-and-design-challenges/).

Tkalec, I. (2019), “The Council’s Amendments to the Country- Specific Recommendations: More than Just Cosmetics?”, Journal of Contemporary European Research, 15 (2): 212–27.

Tridimas, T., and N. Xanthoulis (2016), “A Legal Analysis of the Gauweiler Case: Between Monetary Policy and Constitutional Conflict”, Maastricht Journal of European and Comparative Law, 23 (1): 17–39.

Van Der Heijden, M., R. Beetsma, and W. Romp (2018), “‘Whatever It Takes’ and the Role of Eurozone News”, Applied Economics Letters, 25 (16): 1166–69.

Van Der Sluis, M. (2019), “Similar, Therefore Different: Judicial Review of Another Unconventional Monetary Policy in Weiss (C-493/17)”, Legal Issues of Economic Integration, 46 (3): 263–84.

Van Ewijk, S. E., and I. J. M. Arnold (2015), “Financial Integration in the Euro Area: Pro-Cyclical Effects and Economic Convergence,” Economic Modelling, 44: 335–42.

Wasserfallen, F., D. Leuffen, Z. Kudrna, and H. Degner (2019), “Analysing European Union Decision-Making during the Eurozone Crisis with New Data”, European Union Politics, 20 (1): 3–23.

Wilde, P De, and T Raunio (2018), “Redirecting National Parliaments: Setting Priorities for Involvement in EU Affairs.” Comparative European Politics 16 (2): 310–29.

Wolff, S. and S. Ladi (2020), “European Union Responses to the Covid-19 Pandemic: adaptability in times of Permanent Emergency”, Journal of European Integration, 42(8): 1025–1040.

Wyplosz, C. (2017), “The Eurozone Crisis: A Near-Perfect Case of Mismanagement”, In Political Economy Perspectives on the Greek Crisis, 2009:41–59. Cham: Palgrave Macmillan.

Zaghini, A. (2016), “Fragmentation and Heterogeneity in the Euro-Area Corporate Bond Market: Back to Normal?”, Journal of Financial Stability, 23: 51–61.


Full Text: PDF

Refbacks

  • There are currently no refbacks.
کاغذ a4

Creative Commons License
This work is licensed under a Creative Commons Attribuzione - Non commerciale - Non opere derivate 3.0 Italia License.