Lessons from a crisis: reflections on economic governance for Europe

摘要

Contrary to public perception, the European Union has dealt well with the Greek debt crisis. European institutions and Member States came together to face the crisis and managed to do so, thanks to coordination and resourcefulness. Now the bigger question looms: how to prevent the recurrence of such a crisis of confidence for as long as possible, and in the event of another crisis, how to manage it. The Task Force on Economic Governance is considering measures that will enforce budgetary discipline of Member States, establish effective crisis mechanisms and increase coordination and supervision of macroeconomic imbalances.