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10 June 2010

ECB note on reinforcing economic governance in the euro area


This note sets out ECB proposals for strengthening surveillance over budgetary policies; an improved framework for competitiveness surveillance and the correction of economic imbalances and the design of an appropriate euro area framework for crisis management.

The proposals are meant to strengthen governance and enforcement structures in the economic policy framework of the euro area, and provide a permanent crisis management framework that safeguards financial stability in the euro area while minimising moral hazard. They require a quantum leap in terms of progress towards strengthening the institutional foundations of EMU, and thus towards a deeper economic union that is commensurate with the degree of economic integration and interdependency already achieved through monetary union. The proposals focus on the euro area, but could, selectively, also be applied to the EU-27.




© ECB - European Central Bank


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