The Economic and Monetary Union (EMU) goes beyond the single currency to encompass a series of rules and institutions designated to manage the monetary and economic aspects of the euro area. The main objective of EMU is to support a sustainable and balanced growth across countries. From the creation of the euro, a EU-level fiscal surveillance—that is, a regular monitoring of public accounts across Member States—was foreseen. However, the crisis surfaced a series of shortcomings in fiscal surveillance. Consequently, the fiscal surveillance framework was reformed to address them.
Chapter 2 shows how, under the umbrella of the single currency, a number of macroeconomic imbalances had developed in many countries ...
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