Second session, Expert Workshop at PISM: Integration and Disintegration in the Euro Area: Which Way Forward? 12/03/2015

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Second session, Expert Workshop at PISM: Integration and Disintegration in the Euro Area: Which Way Forward? 12/03/2015
debt consolidation programs
Image by Polish Institute of International Affairs
On 12 March 2015 The Polish Institute of International Affairs, The German Marshall Fund of the United States and Heinrich Boll Stiftung organized the expert workshop at PISM in Warsaw titled: Integration and Disintegration in the Euro Area: Which Way Forward?

Since 2007, financial, sovereign debt and banking crises have put the euro area to a serious test. The governments and EU institutions have responded with rescue packages, ad-hoc institutional changes and domestic reform as well as consolidation programs. Since 2012, markets have calmed down and, compared to 2007/2008, the euro area has better tools to prevent and handle financial shocks and macro-economic imbalances. However, recent developments in a number of member states point to potential political crises in an environment of low growth and rising inequality that may undermine efforts to stabilize the euro area. The challenge is to bring back growth and employment and improve the governance of the euro area at a time of rising criticism of the EU. If the euro area is indeed further deepened, the question arises how non-euro area member states can be most closely involved with the currency union as a way to improve the chances of future accession.

Photo by Jadwiga Winiarska

Wolfgang Merz, Head of Division, Euro Area and EU Economic Policy Coordination, Federal Ministry of Finance, Germany and IƱigo Arruga Oleaga, Adviser, Directorate Legal Services, European Central Bank
debt consolidation programs
Image by Polish Institute of International Affairs
On 12 March 2015 The Polish Institute of International Affairs, The German Marshall Fund of the United States and Heinrich Boll Stiftung organized the expert workshop at PISM in Warsaw titled: Integration and Disintegration in the Euro Area: Which Way Forward?

Since 2007, financial, sovereign debt and banking crises have put the euro area to a serious test. The governments and EU institutions have responded with rescue packages, ad-hoc institutional changes and domestic reform as well as consolidation programs. Since 2012, markets have calmed down and, compared to 2007/2008, the euro area has better tools to prevent and handle financial shocks and macro-economic imbalances. However, recent developments in a number of member states point to potential political crises in an environment of low growth and rising inequality that may undermine efforts to stabilize the euro area. The challenge is to bring back growth and employment and improve the governance of the euro area at a time of rising criticism of the EU. If the euro area is indeed further deepened, the question arises how non-euro area member states can be most closely involved with the currency union as a way to improve the chances of future accession.

Photo by Jadwiga Winiarska

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