EIM Economic - November 2013

09 December 2013

November witnessed a barrage of economic forecasts and policy prescriptions from the European Commission.

Since the crisis erupted in May 2010, economic governance in the euro area has undergone a revolution and the full magnitude of the resultant measures is now apparent.

November witnessed a barrage of economic forecasts and policy prescriptions from the European Commission. The crucial news for Europe is that the reports themselves and the ministerial discussion about them (as well as the subsequent reactions) show that the euro area has accepted the political necessity of collective oversight of its members. Such collective discussions of domestic policy details were inconceivable a decade ago. As mutual trust builds up, the euro area should be set for a further deepening of collective governance.

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© Graham Bishop