This book analyzes the effects of the recent crisis and evaluates potential solutions to the gridlock that is currently dominating the Eurozone and the European Union, concerning both the monetary policy and the budgetary and fiscal policy. The timely study highlights the main challenges that European political leaders will face in the months to come. Furthermore, its interdisciplinary approach embraces economic, financial and legal perspectives, so as to ensure the global coherence and comprehensiveness of its content. The contributors to this volume are prominent experts from the areas of Economics, Finance, Law, and Political Science, offering readers a multifaceted view of the topics discussed.

Autorentext

Nazaré da Costa Cabral holds a license degree (1994), a Masters (1998), and a PhD (2007) in law, from Lisbon Law School (Faculdade de Direito, Universidade de Lisboa), and she holds a license degree in economics (2015), from Nova SBE - School of Business & Economics (Universidade Nova de Lisboa). Nazaré is Associate Professor in tenure, in Lisbon Law School. She also lectures in other Universities, either in Portugal or abroad. Nazaré is principal researcher of the Center for European, Economic, Fiscal and Tax Law Research (CIDEFF) of Lisbon Law School (Group IV on 'Crises, Public Policies, Fiscal Policy and the Euro'). She is also a member of the Board of 'Instituto de Direito Económico, Financeiro e Fiscal' (IDEFF), of the same School, in which she also lectures. Nazaré is vice-president of the journal Revista de Finanças Públicas e Direito Fiscal (Public Finances and Tax Law Journal), published by IDEFF and Almedina Editors. She is also a member of the Executive and Editorial Board of the journal Concorrência & Regulação (Competition & Regulation), published by The Portuguese Competition Authority, IDEFF and Almedina Editors, and a member of the Editorial Board of the journal Economia & Segurança Social (Economics & Social Security), published by Diário de Bordo Editores.

José Renato Gonçalves has PhD in Law (Law and Economics of European Monetary Union) and is Professor of law and economics at Lisbon University Law School (Faculdade de Direito da Universidade de Lisboa). His teaching and research activities focus on European Union and Integration Law, Economic and Financial Regulation, Development, Regional and Local Law, and Public Finance. Currently, he is member of the board of the Centre for Research in European, Economic, Financial and Tax Law (CIDEEFF), of the board of the European Institute (Instituto Europeu) and of the editorial board of the quarterly Competition and Regulation Journal(Revista de Concorrência e Regulação).

Nuno Cunha Rodrigues is a Professor at the Faculty of Law, University of Lisbon. He earned his PhD in legal and economic sciences, his master's degree and completed his graduation in law from the Faculty of Law, University of Lisbon. He is also Vice-President of the European Institute and a member of the Board of the IDEFF. He was a visiting Professor at the Law School of Louvain-la-Neuve (Belgium); Salgaocar Law School (Goa India); International Law Institute (New Delhi India); Eduardo Mondlane University (Maputo Mozambique); Fundação Getúlio vargas (São Paolo Brazil); Catholic University (Lisbon); He has published several articles and books, namely in his area of expertise which lies with EU law, Economic law, Competition Law, Public procurement and Public Finance. He joined the research group on Globalization, Economic Integration and Development:European and Lusophone Perspectives and the group on Crisis, Public Policies, Taxation Policies and the Euro as a member.

Inhalt

Part 1 The Eurozone as a (non) Optimum Currency Area.- STIGLITZ, Joseph. The fundamental flaws in the Euro Zone framework.- BONGARDT, Annette and TORRES, Francisco. EMU as a Sustainable Currency Area.- ROSSI, Sergio, A structural-reform proposal for a two-speed European monetary union.- MONGELLI, Francesco Paolo, PAPADOPOULOS, Georgios, and REINHOLD, Elisa. Are Euro Area economic structures changing?.- ANDRADE, João A. S., DUARTE, Adelaide P. S. and SIMÕES, Marta C. N., Differences in human capital and openness to trade as barriers to growth and convergence in the EU.- LOUÇÃ, Francisco. Has the euro any future as part of secular stagnation?.- Part 2 A monetary union relying on fiscal policy coordination: achievements, shortcomings and future perspectives.- SANTOS, Luís Máximo dos. The European Monetary Union: political motivation.- MUET, Pierre-Alain. The great recession of 2012-2014: the monetary union challenged by national egoisms.- BELKE, Ansgar. The Fiscal Compact and the Excessive Deficit Procedure - Relics of bygone times?.- IOANNIDES, Yannis M.. A Conceptual Framework for Reforms versus Debt in the Context of a Fiscal Union within the European Monetary Union.- CABO, Sérgio Gonçalves do. Public debt restructuring in a monetary union: the case of the euro area member states.- Part 3 New perspectives for macroeconomic stabilizers in the European Union.- BREUSS, Fritz. The crisis management of the ECB.- MENDONÇA, António. Unconventional monetary policy of the ECB and the international economic and financial crisis: efficiency versus exhaustion.- CABRAL, Nazaré da Costa. The Eurozone's Private and Governmental Shock Absorbers: Current Setup and Future Prospects.- RODRIGUES, Nuno Cunha and GONÇALVES, José Renato. The European banking union and the Economic and Monetary Union: the puzzle is yet to be completed.- BEBLAVY, Miroslav, LENAERTS, Karolien, and MASELLI, Ilaria, The (future) European unemployment insurance and its role as an automatic stabiliser.-Part 4 A Budgetary Union as a way-out of the EMU crisis: is it possible?.- AHMAD, Ehtisham and BROSIO, Giorgio. Achieving accountable governance and structural reforms in Europe.- MATTHIJS, Herman, The financing of the European Union Budget.- KOPITS, George. Toward a Closer Union: Elusive Mirage or Reality within Grasp?.- DÍAZ-ROLDAN, Carmen and BAJO-RUBIO, Oscar. The scope for a budgetary union in the European monetary union.