By Federal Ministry of Economy, Family and Youth – BMWFJ, 2013
The economic and financial crisis that in 2008 originated in the U.S., crossed over to the EU, and eventually impacted the whole world, revealed structural weaknesses of the EU and the Economic and Monetary Union. The serious economic problems affecting several Member States are due to heterogenous causes, like excessive sovereign debt and deficits, an instable banking sector, or current account imbalances. The EU has recognized the seriousness and reasons of these problems and acted fast to overcome them. First and foremost, with its rescue package, which evolved from the first bilateral assistance programmes to a full institution, it has succeeded to secure the stability of the Monetary Union. But the European Union has improved its regulation not only in the area of fiscal or other macroeconomic imbalances. Moreover, important steps toward the realisation of a European Banking Union are to be taken at this juncture. The swift and decisive action at the EU level has renewed and strengthened the credibility of the EU and the trust in its ability to solve upcoming problems.
 Visions for Economic Policy Coordination in Europe | [ ] |
