Law and Economics of the Monetary Union

White Paper No. 9, 2011

Helmut Siekmann
Research Area:
Macro Finance
Sep 2011
Euro, sovereign debt crisis, legal foundations

This paper traces the developments leading up to the European Monetary Union. It argues that monetary policy has been one of the major fields of common power and coherence in the European Union. The possibilities and necessities of common economic policies are discussed, as are the new support mechanisms - especially EFSF and ESM - which were created in response to the sovereign debt crisis.

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