Is the economic governance of the European Union efficient?

Docs en anglais | 9 pages | 26-03-2008 | Format : | Note : Non noté

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Résumé

The European Union is the first economic power in the world, before the United States, but few people really know how the economic policy works in Europe. The economic governance of the Union remains complex which lead citizens to incomprehension and controversies about its efficiency in the economy. Both pillars of the economic governance of the European Union are the definition of the European policy mix, that is to say the definition and the functioning of monetary and budget policies in the EU; and the implementation of the domestic market and of the strategy of Lisbon. The objective of the latter is to reinforce the competitiveness of the Union and to develop employment.

We will see that as a whole, the consequences of the Euro in the economy of the European Union are positive and the European Central Bank is an institution relatively efficient. However, the stability pact lacks efficiency and credibility. The budget of the EU did not succeed in stabilizing business cycles. However, it allowed countries reaching a convergence in living standards. The last point will be the failure of the Lisbon strategy.

Table of contents:

Introduction

I) The efficiency of the Euro and of the ECB

A. The consequences of the Euro in the economy of the European Union
B. The positive results of the European Central Bank

II) The inefficiency and the lack of credibility of the growth and stability pact

III) The budget of the European Union: its contribution to the stabilization of the business cycle and to the convergence of living standards in the Union

A. Its economic stabilization policy: a failure
B. The budget of the European Union: a tool of convergence of living standards in the Union

IV) The failure of the Lisbon strategy

Conclusion

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