EBI is happy to announce a contribution of Christos Gortsos (National and Kapodistrian University of Athens) in the EBI Working Paper Series No. 129. His paper entitled “Future of the Economic and Monetary Union” was published on 8 September 2022.
The paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. The author first sets out the foundations of the EMU. He then develops on how the (2007-2009) Global Financial Crisis (GFC), the subsequent fiscal crisis in the euro area and the most recent pandemic crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the strengthening of the Economic Union regarding sovereign crisis management and have led to the creation of the European System of Financial Supervision (ESFS) and then of the Banking Union (BU), in some pillars of which the role of the ECB is significant. Finally, the author discusses recent and current developments in relation to the Monetary Union (including the new (2021) monetary policy strategy of the Eurosystem and its implementation amidst the ‘inflation crisis’ in 2022), the Economic Union and the Banking Union (with a focus on the ‘unfinished’ agenda).