Policy Paper 86
Vers une représentation extérieure commune de la zone euro?
Daniela Schwarzer, Head of Research Division EU Integration , SWP, Federico Steinberg, Senior Analyst for Economy and International Trade, Real Instituto Elcano and Diego Valiante, Research Fellow, CEPS
?Since the introduction of the euro in 1999, the external representation of the eurozone has been incrementally developed, but no formal amendments have been made. This contribution discusses the case for a consolidated representation of the eurozone in international economic fora, analyses the obstacles to achieving it, and puts forward proposals to solve some of the existing obstacles. It argues that there is a strong case for creating a single voice for the euro in the world in general and in the IMF in particular, especially after the global financial crisis and the emergence of the G20 as the main forum for global economic governance. However, some eurozone countries are unwilling to give up sovereignty and transfer more power to Brussels. In addition, the functioning of the IMF, which is based on high majority voting, may induce major euro area countries not to give up their individual influence over IMF decisions. Nevertheless, the recently created European Stability Mechanism could act as a catalyst for solving some of these problems.
Disponible en anglais uniquement
Ce Policy
Paper est une contribution de Daniela Schwarzer (SWP), Federico Steinberg (Elcano) and Diego Valiante (CEPS) au
projet Think Global – Act European (TGAE). Thinking Strategically
about the EU’s external action dirigé par Notre Europe – Institut
Jacques Delors (rapport disponible en mars 2013, dir. Elvire Fabry,
Chercheur Senior, Notre Europe – Institut Jacques Delors).
Since the
introduction of the euro in 1999, the external representation of the eurozone
has been incrementally developed, but no formal amendments have been made. This
contribution discusses the case for a consolidated representation of the eurozone
in international economic fora, analyses the obstacles to achieving it, and
puts forward proposals to solve some of the existing obstacles. It argues that
there is a strong case for creating a single voice for the euro in the world in
general and in the IMF in particular, especially after the global financial
crisis and the emergence of the G20 as the main forum for global economic
governance. However, some eurozone countries are unwilling to give up
sovereignty and transfer more power to Brussels. In addition, the functioning
of the IMF, which is based on high majority voting, may induce major euro area
countries not to give up their individual influence over IMF
decisions. Nevertheless, the recently created European Stability Mechanism
could act as a catalyst for solving some of these problems.
Avant la
publication du rapport final présentant les recommandations clés des 16 think tanks mobilisés dans ce projet, 5 séries
de Policy Papers portent sur les sujets suivants : Politiques économiques, Migration, Voisinage de l’UE, PSDC,Ressources stratégiques.
Ce Policy Paper
fait partie de la série intitulée «Comment mieux promouvoir les intérêts économiques européens à travers le monde ?» qui
comprend les contributions de John Springford (Centre
for European
Reform), Richard Youngs (FRIDE), Agatha Kratz and Jonas Parello-Plesner
(ECFR) ,Pawel Swieboda (demosEuropa),Yiannis Tirkides ( CCEIA), Filippa
Chatzistavrou and Dimitris Katsikas (ELIAMEP).
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