La arquitectura económica y financiera de la UEM y los efectos de la crisis
Abstract
The international financial and economic crisis and its impact on the Eurosystem with the subsequent sovereign debt crisis have affected the operating rules of the EMU and its institutional structure. Both events have highlighted the failures in the governance of the EU and the Eurosystem. They show not only the vulnerabilities of the single currency area but also the lack of adequate regulation and supervision mechanisms of macroeconomic imbalances and public finances of the Member States in the Eurozone and the inability to cope with the consequences of an exogenous shock hitting the currency area as has been the international financial crisis. This article discusses the foundations of the monetary area and the main changes that have been introduced in its rules and procedures.
Received: 29 May 2013
Accepted: 24 June 2013
Published online: 15 April 2016
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