Masterarbeit, 2014
88 Seiten, Note: 1
This Master's Thesis begins by exploring the theory of the Optimum Currency Area (OCA) and its relevance to the European Economic and Monetary Union (EMU). It examines the arguments surrounding the costs and benefits of currency unions, including issues like monetary efficiency, economic growth, and trade. Chapter 3 examines the EMU in the context of OCA theory and analyzes the challenges of synchronizing business cycles among member states. It delves into the role of cross-country insurance mechanisms such as labor mobility, price and wage flexibility, and fiscal capacity. Chapter 4 focuses on the EMU's response to the global economic and financial crisis. It analyzes the pre-crisis risk factors, the impact of the crisis on the EMU, and the post-crisis outlook. It further discusses the reform of fiscal and economic governance in the EMU, including the Stability and Growth Pact, the European Semester, the Six-Pack, the Two-Pack, the European Stability Mechanism, and the Fiscal Compact. Chapter 5 delves into the potential of fiscal capacity with a stabilization function in the EMU, examining different risk-sharing mechanisms, including the European unemployment insurance scheme. It explores the concept of cyclical shock insurance for the euro area. Chapter 6 presents a comprehensive evaluation of the European unemployment insurance, considering its stabilization properties, distributional neutrality, moral hazard implications, and political feasibility. It examines the impact of such a scheme on national and European institutions and its overall transparency.
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