The European economic governance from monetary union to pandemic emergency
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Abstract
The European economic governance shows two faces: a microeconomic constitution, which rests on competition law, and a macroeconomic constitution, which is grounded on centralization of monetary policy, in one side, and on de-centralization of fiscal policy, on the other side. This arrangement causes a state of monetary dominance in place of fiscal dominance. Particularly, there is a special relationship between fiscal rules and European monetary union. But the pandemic emergency Covid-19 seems to bring important changes.
Keywords
- Economic governance
- monetary dominance
- fiscal policies
