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The new Economic and Monetary Union: built to last?
Àlex Ruiz Posino

This article seeks to evaluate the institutional changes implemented in recent years to reform the Economic and Monetary Union (EMU). With this aim in sight, it starts with a brief reminder of the institutional structure the EMU was initially given. It then reviews in greater detail the sequence of crises that have blighted the single currency since the major recession in 2008. Particular attention is given to the difficulties encountered by the Eurozone in deactivating the links that created knock-on effects exacerbating three simultaneous crises: in growth, sovereign debt and banking. In this context, the main institutional changes in the EMU are linked to the transmission channels of these three crises. Finally, there is analysis of whether or not these institutional innovations – which in fact constitute a new EMU – improve its future sustainability. The final conclusion is not especially encouraging.

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