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Year 2012, Volume: 11 Issue: 1, 135 - 168, 01.05.2012

Dilek Yiğit

https://doi.org/10.1501/Avraras_0000000175
Cited By: 2

Abstract

The current economic crisis strongly affected European countries and the European Union EU as a whole. As a consequence of crisis, economic growth has declined and unemployment rate has increased rapidly in the EU. Besides, there have been large increases in budget deficits, leading to considerable rises in the stock of public debt as a percentage of GDP in the member states. The economic crisis also exposed the weaknesses in the EU’s existing economic governance framework. Therefore debates over the Stability and Growth Pact which was adopted in 1997 have been triggered again. Europe 2020 Strategy, European Semester and Six Pack have been adopted to ensure more effective economic coordination among EU members and more fiscal discipline in national economies. European leaders also agreed to establish the European Stability Mechanism, which requires a change to the Treaty of Lisbon that came into force in December 2009. Moreover the leaders of 25 member states of the EU signed a fiscal treaty on 2 March 2012 for stricker budget discipline. These innovations mark that the EU economic governance is subject to a revision due to the economic crisis. The purpose of this article is to shed some light on the measures taken at EU level in order to coordinate national economic policies and ensure fiscal discipline since the Maastricht Treaty came into force and also to assess the European economic governance in the light of consequences of the economic crisis

Keywords

European economic governance global economic crisis coordination of national economic policies fiscal discipline

References

  • P.C. Afxentiou, “Convergence, the Maastricht Criteria, and Their Benefits”, The Brown Journal of World Affairs, Cilt 7, Sayı 1, 2000, s.245-254.
  • A. Bongardt, F. Torres, “The Competitiveness Rationale, Sustainable Growth and the Need for Enhanced Economic Coordination, Intereconomics 2010/3.
  • A.L. Bovenberg, A.H.M. De Jong, “The Road to Economic and Monetary Union”, KYKLOS, 50, 1997, s.83-109.
  • S. Collignon, R. Dehousse, et.al., The Lisbon strategy and the open method of coordination, Notre Europe Policy Paper No.12, 2005.
  • S. Collignon, “Is Europe going far enough? Reflections on the Stability and Growth Pact, the Lisbon Strategy and the EU’s economic governance”, European Political Economy Review, Cilt 1, Sayı 2, s. 222-247.
  • Communication from the Commission: Europe 2020, COM (2010) 2020 final, Brussels, 3 March 2010.
  • Council Regulation No.1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and co-ordination of economic policies, OJ 1997, L 209/1
  • Council Regulation No.1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure, OJ L 209/6.
  • Council of the European Union, Economic and Financial Affairs, 3030th Council meeting, Brussels, 7 September 2010.
  • Council reaches agreement on measures to strengthen economic governance, 7691/11, Brussels 15 March 2011.
  • Conclusion of the first European Semester, Council of the European Union, Brussels, 12 July 2011.
  • Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union, Official Journal C 83 of 30.3.2010
  • P. De Grauwe, The Economics of Monetary Integration, Oxford: Oxford University Press, 1992.
  • J. Delors, S. Fernandes ve E. Mermet, The European Semester only a first step, Notre Europe Policy Brief, No 22, February 2011. ECFIN
  • Stability and Convergence Programmes, 2009
  • http://ec.europa.eu/economy_finance, (12 Ağustos 2011)
  • European Commission, Economic and Financial Affairs, Excessive deficit procedure, http://ec.euro.eu/economy_finance, (20 Ekim 2011)
  • Economic governance package explained, European Parliament, economic and monetary affairs, 28.09.2011, www.europarl.europa.eu
  • Europe 2020: A European Strategy for Smart, Sustainable, and Inclusive Growth, Eufacts, August 2010.
  • European Central Bank, The European Stability Mechanism, Montly Bulletin, July 2011
  • European Commission, Commission Staff Working Document: Lisbon Strategy evaluation document, SEC (2010) 114 final, Brussels, 2.2.2010.
  • European Council 24/25 March 2011, Conclusions, Brussels 20 April 2011.
  • European Council Decision of 25 March 2011 amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the Euro, 2011/199/EU
  • EU economic governance: the Commission proposes a reinforced macro-economic, budgetary and structural surveillance, IP/10/859, Brussels, 30 June 2010.
  • EU Economic Governance “Six-Pack” enters into force, MEMO/11/898, Brussels, 12 December 2011.
  • European Commission, Early warning mechanism and policy advice, 2009, http://ec.europa.eu/economy_finance ( 12 Ağustos 2011)
  • European Commission, Flagship Initiatives, http://ec.europa.eu (14 Ağustos 2011)
  • European Commission, Smart growth, http://ec.europa.eu. (14 Temmuz 2011)
  • European Commission, Inclusive Growth-a high-employment economy delivering economic, social and territorial cohesion, http://ec.europa.eu (14 Temmuz 2011)
  • European Commission, Existing tools for boosting growth and jobs, http://ec.europa.eu (14 Temmuz 2011)
  • European Commission, Sustainable growth- for a resource efficient, greener and more competitive economy, http://ec.europa.eu (14 Temmuz 2011)
  • European semester: a new architecture for the new EU economic governance, MEMO/11/14, Brussels, 12 January 2011.
  • European Financial Stabilisation Mechanism (EFSM), http://ec.europa.eu, (8 Eylül 2011)
  • European Stability Mechanism(ESM), Press Release, 1 December 2010.
  • Eurostat, Growth rate of GDP volume-percentage change on previous year, http://epp.eurostat.ec.europa.eu ( 15 Ağustos )
  • Eurostat, real GDP growth rate, http://epp.eurostat.ec.europa.eu, (25 Ağustos 2011)
  • Eurostat, Euro area and EU 27 GDP up by 0.2 %, + 1.7 % in both zones compared with second quarter of 2010, 16 August 2011.
  • Eurostat, Euro area unemployment rate at 9.9.% EU27 at 9.4 %, 1 August 2011.
  • Eurostat, Tables unemployment rates, http://epp.eurostat.ec.europa.eu ( 23 Ağustos 2011)
  • Eurostat, Euro area and EU 27 government deficit at 6.0% and 6.4 % of GDP respectively, 26 April 2011.
  • Eurostat, Government finance statistics, http://epp.eurostat.ec.europa.eu (23 Ağustos 2011)
  • Eurostat, Annual average rate of change in Harmonized Indices of Consumer Prices (HICPs), http://epp.eurostat.ec.europa.eu (25 Ağustos 2011)
  • Eurozone stability mechanism should be part of the EU, says Constitutional Affairs Committee http://welcomeurope.com, (2 Ağustos 2011)
  • First Alert Mechanism Report on macroeconomic imbalances in Member States, MEMO/12/104, Brussels, 14 February 2012.
  • D. Gros, N. Thygesen, European Monetary Integration From the European Monetary System to European Monetary Union, Londra:Longman, 1992.
  • M. Heipertz, A. Verdun, “The dog that would never bite? What we can learn from the origins of the Stability and Growth Pact”, Journal of European Public Policy, Cilt 11, Sayı 5, 2004, s.765-780.
  • R. Hijman, Sharp increase in unemployment in the EU:Impact of economic crisis varies by Member State, gender and age, eurostat statistics in focus 53/2009.
  • D. Ioannou, M. Ferdinandusse, et.al., Benchmarking The Lisbon Strategy, European Central Bank, Occasional Paper Series, No 85, June 2008.
  • O. Issing, The Stability and Growth Pact:The appropriate fiscal framework for EMU, International Economics and Economic Policy, Springer-Verlag 2004.
  • Mastering economic interdependence: Commission proposes reinforced economic governance in the EU, IP/10/561, Brussels, 12 May 2010.
  • J.E. McKay, “Evaluating the EMU Criteria: Theoretical Constructs, Member Compliance and Empirical Testing”, KYKLOS, 50, 1997, s.63-82.
  • Progress Report on the Europe 2020 Strategy to the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committe of Regions, Annual Growth Survey 2012, Brussels, 23.11.2011, COM(2011) 815 final.
  • Proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 1927/2006 on establishing the European Globalisation Adjustment Fund, Brussels, 10.06.2011.
  • Protocol on the excessive deficit procedure, Treaty on European Union, Official Journal, C 191, 29 July 1992.
  • Resolution of the European Council on the Stability and Growth Pact, OJ 1997, C 236/1
  • V.A. Schmidt, “The European Union’s Eurozone Crisis and What (not) to Do About It”, Brown Journal of World Affairs, Cilt 12, Sayı 1, 2010, s. 199-213.
  • Statement by the Eurogroup, 28 November 2010, http://europa.eu, (18 Temmuz 2011)
  • The European Semester:Who does what and when?, http://epp.eurostat.ec.europa.eu, (1 Ağustos 2011)
  • The European Financial Stability Facility-About EFSF, www.efsf.europa.eu, (8 Eylül 2011)
  • The Fiscal Compact ready to be signed, http://www.european-council.europa.eu, ( 31 Ocak 2012)
  • Treaty on European Union, Official Journal C 191 of 29 July 1992
  • Treaty establishing the European Stability Mechanism (ESM) signed, http://ec.europa.eu, (14 Temmuz 2011)
  • J. Von Hagen, S. Mundschenk, “Fiscal and Monetary Policy Coordination in EMU”, International Journal of Finance and Economics, Cilt 8, 2003, s.279-295.
  • D. Yiğit, “Avro Alanı İçin Yeni Bir Antlaşma”, Stratejik Düşünce, Cilt 3, Sayı 26, 2012, s.72-78.

KÜRESEL EKONOMİK KRİZ ÖNCESİ VE KRİZİN ETKİLERİ İLE MÜCADELE SÜRECİNDE AVRUPA BİRLİĞİ’NDE EKONOMİ YÖNETİMİ

Year 2012, Volume: 11 Issue: 1, 135 - 168, 01.05.2012

Dilek Yiğit

https://doi.org/10.1501/Avraras_0000000175
Cited By: 2

Abstract

2008 yılı Eylül ayından itibaren küresel ekonomiyi sarsan kriz, Avrupa Birliği AB ekonomisinin resesyona girmesine sebep olmuş; AB’nin tümünde ekonomik büyüme gerilerken, işsizlik oranları hızla artmıştır. Bu süreçte AB’nin genelinde kamu borcu ile bütçe açığının gayri safi yurtiçi hasılaya oranları artma eğilimine girmiştir. Ekonomik kriz ve krizin etkileri ile mücadele etmeye çalışan AB’de, parasal birliğin oluşumundan itibaren sağlanmaya çalışılan üye devletlerin ulusal ekonomi politikalarının koordinasyonu ve üye devletlerde mali disiplinin güçlendirilmesi üzerine tartışmalar AB gündeminin ön sıralarını almıştır. Krizin etkisiyle, üye devletlerin ekonomi politikaları arasında koordinasyonun ve mali disiplinin sağlanmasına yönelik olarak 1997 yılında kabul edilen İstikrar ve Büyüme Paktı tekrar gözden geçirilirken, AB’de daha etkin ekonomi yönetimi için Avrupa 2020 Stratejisi kabul edilmiş, 1 Ocak 2011 tarihinden itibaren Avrupa Dönemi uygulamasına başlanılmış ve 13 Aralık 2011 tarihinde Altılı Paket yürürlüğe sokulmuştur. Diğer taraftan, üye devletlerde mali disiplinin güçlendirilmesi amacıyla daha sıkı kurallar ve daha etkili yaptırım mekanizması öngören Mali Antlaşma, Birleşik Krallık ve Çek Cumhuriyeti hariç AB’nin 25 üyesi tarafından imzalanmıştır. Ayrıca krizin önlenemediği durumlarda Avro alanında mali istikrarın korunmasına yönelik olarak sürekli bir kriz mekanizmasının oluşturulmasına ihtiyaç olduğu gerekçesiyle, Avrupa İstikrar Mekanizması’nın oluşturulması için Lizbon Antlaşması’nda değişiklik yapılmasına karar verilmiştir. Bu makalenin amacı, AB’ye üye devletlerin ekonomi politikaları arasında koordinasyonun ve üye devletlerde mali disiplinin sağlanması amacıyla Birlik düzeyinde alınan önlemlerin özelliklerine değinmek suretiyle, söz konusu önlemler ile oluşturulan Avrupa ekonomi yönetimini, “kriz öncesi” ve “krizin etkileri ile mücadele süreci” ayrımı temelinde değerlendirmek ve ekonomik krizin Birlik ekonomi yönetimini ne şekilde revizyona tabi tuttuğunu tartışmaktır

Keywords

AB ekonomi yönetimi küresel ekonomik kriz ulusal ekonomi politikalarının koordinasyonu mali disiplin

References

  • P.C. Afxentiou, “Convergence, the Maastricht Criteria, and Their Benefits”, The Brown Journal of World Affairs, Cilt 7, Sayı 1, 2000, s.245-254.
  • A. Bongardt, F. Torres, “The Competitiveness Rationale, Sustainable Growth and the Need for Enhanced Economic Coordination, Intereconomics 2010/3.
  • A.L. Bovenberg, A.H.M. De Jong, “The Road to Economic and Monetary Union”, KYKLOS, 50, 1997, s.83-109.
  • S. Collignon, R. Dehousse, et.al., The Lisbon strategy and the open method of coordination, Notre Europe Policy Paper No.12, 2005.
  • S. Collignon, “Is Europe going far enough? Reflections on the Stability and Growth Pact, the Lisbon Strategy and the EU’s economic governance”, European Political Economy Review, Cilt 1, Sayı 2, s. 222-247.
  • Communication from the Commission: Europe 2020, COM (2010) 2020 final, Brussels, 3 March 2010.
  • Council Regulation No.1466/97 of 7 July 1997 on the strengthening of the surveillance of budgetary positions and the surveillance and co-ordination of economic policies, OJ 1997, L 209/1
  • Council Regulation No.1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure, OJ L 209/6.
  • Council of the European Union, Economic and Financial Affairs, 3030th Council meeting, Brussels, 7 September 2010.
  • Council reaches agreement on measures to strengthen economic governance, 7691/11, Brussels 15 March 2011.
  • Conclusion of the first European Semester, Council of the European Union, Brussels, 12 July 2011.
  • Consolidated versions of the Treaty on European Union and the Treaty on the Functioning of the European Union, Official Journal C 83 of 30.3.2010
  • P. De Grauwe, The Economics of Monetary Integration, Oxford: Oxford University Press, 1992.
  • J. Delors, S. Fernandes ve E. Mermet, The European Semester only a first step, Notre Europe Policy Brief, No 22, February 2011. ECFIN
  • Stability and Convergence Programmes, 2009
  • http://ec.europa.eu/economy_finance, (12 Ağustos 2011)
  • European Commission, Economic and Financial Affairs, Excessive deficit procedure, http://ec.euro.eu/economy_finance, (20 Ekim 2011)
  • Economic governance package explained, European Parliament, economic and monetary affairs, 28.09.2011, www.europarl.europa.eu
  • Europe 2020: A European Strategy for Smart, Sustainable, and Inclusive Growth, Eufacts, August 2010.
  • European Central Bank, The European Stability Mechanism, Montly Bulletin, July 2011
  • European Commission, Commission Staff Working Document: Lisbon Strategy evaluation document, SEC (2010) 114 final, Brussels, 2.2.2010.
  • European Council 24/25 March 2011, Conclusions, Brussels 20 April 2011.
  • European Council Decision of 25 March 2011 amending Article 136 of the Treaty on the Functioning of the European Union with regard to a stability mechanism for Member States whose currency is the Euro, 2011/199/EU
  • EU economic governance: the Commission proposes a reinforced macro-economic, budgetary and structural surveillance, IP/10/859, Brussels, 30 June 2010.
  • EU Economic Governance “Six-Pack” enters into force, MEMO/11/898, Brussels, 12 December 2011.
  • European Commission, Early warning mechanism and policy advice, 2009, http://ec.europa.eu/economy_finance ( 12 Ağustos 2011)
  • European Commission, Flagship Initiatives, http://ec.europa.eu (14 Ağustos 2011)
  • European Commission, Smart growth, http://ec.europa.eu. (14 Temmuz 2011)
  • European Commission, Inclusive Growth-a high-employment economy delivering economic, social and territorial cohesion, http://ec.europa.eu (14 Temmuz 2011)
  • European Commission, Existing tools for boosting growth and jobs, http://ec.europa.eu (14 Temmuz 2011)
  • European Commission, Sustainable growth- for a resource efficient, greener and more competitive economy, http://ec.europa.eu (14 Temmuz 2011)
  • European semester: a new architecture for the new EU economic governance, MEMO/11/14, Brussels, 12 January 2011.
  • European Financial Stabilisation Mechanism (EFSM), http://ec.europa.eu, (8 Eylül 2011)
  • European Stability Mechanism(ESM), Press Release, 1 December 2010.
  • Eurostat, Growth rate of GDP volume-percentage change on previous year, http://epp.eurostat.ec.europa.eu ( 15 Ağustos )
  • Eurostat, real GDP growth rate, http://epp.eurostat.ec.europa.eu, (25 Ağustos 2011)
  • Eurostat, Euro area and EU 27 GDP up by 0.2 %, + 1.7 % in both zones compared with second quarter of 2010, 16 August 2011.
  • Eurostat, Euro area unemployment rate at 9.9.% EU27 at 9.4 %, 1 August 2011.
  • Eurostat, Tables unemployment rates, http://epp.eurostat.ec.europa.eu ( 23 Ağustos 2011)
  • Eurostat, Euro area and EU 27 government deficit at 6.0% and 6.4 % of GDP respectively, 26 April 2011.
  • Eurostat, Government finance statistics, http://epp.eurostat.ec.europa.eu (23 Ağustos 2011)
  • Eurostat, Annual average rate of change in Harmonized Indices of Consumer Prices (HICPs), http://epp.eurostat.ec.europa.eu (25 Ağustos 2011)
  • Eurozone stability mechanism should be part of the EU, says Constitutional Affairs Committee http://welcomeurope.com, (2 Ağustos 2011)
  • First Alert Mechanism Report on macroeconomic imbalances in Member States, MEMO/12/104, Brussels, 14 February 2012.
  • D. Gros, N. Thygesen, European Monetary Integration From the European Monetary System to European Monetary Union, Londra:Longman, 1992.
  • M. Heipertz, A. Verdun, “The dog that would never bite? What we can learn from the origins of the Stability and Growth Pact”, Journal of European Public Policy, Cilt 11, Sayı 5, 2004, s.765-780.
  • R. Hijman, Sharp increase in unemployment in the EU:Impact of economic crisis varies by Member State, gender and age, eurostat statistics in focus 53/2009.
  • D. Ioannou, M. Ferdinandusse, et.al., Benchmarking The Lisbon Strategy, European Central Bank, Occasional Paper Series, No 85, June 2008.
  • O. Issing, The Stability and Growth Pact:The appropriate fiscal framework for EMU, International Economics and Economic Policy, Springer-Verlag 2004.
  • Mastering economic interdependence: Commission proposes reinforced economic governance in the EU, IP/10/561, Brussels, 12 May 2010.
  • J.E. McKay, “Evaluating the EMU Criteria: Theoretical Constructs, Member Compliance and Empirical Testing”, KYKLOS, 50, 1997, s.63-82.
  • Progress Report on the Europe 2020 Strategy to the Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committe of Regions, Annual Growth Survey 2012, Brussels, 23.11.2011, COM(2011) 815 final.
  • Proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 1927/2006 on establishing the European Globalisation Adjustment Fund, Brussels, 10.06.2011.
  • Protocol on the excessive deficit procedure, Treaty on European Union, Official Journal, C 191, 29 July 1992.
  • Resolution of the European Council on the Stability and Growth Pact, OJ 1997, C 236/1
  • V.A. Schmidt, “The European Union’s Eurozone Crisis and What (not) to Do About It”, Brown Journal of World Affairs, Cilt 12, Sayı 1, 2010, s. 199-213.
  • Statement by the Eurogroup, 28 November 2010, http://europa.eu, (18 Temmuz 2011)
  • The European Semester:Who does what and when?, http://epp.eurostat.ec.europa.eu, (1 Ağustos 2011)
  • The European Financial Stability Facility-About EFSF, www.efsf.europa.eu, (8 Eylül 2011)
  • The Fiscal Compact ready to be signed, http://www.european-council.europa.eu, ( 31 Ocak 2012)
  • Treaty on European Union, Official Journal C 191 of 29 July 1992
  • Treaty establishing the European Stability Mechanism (ESM) signed, http://ec.europa.eu, (14 Temmuz 2011)
  • J. Von Hagen, S. Mundschenk, “Fiscal and Monetary Policy Coordination in EMU”, International Journal of Finance and Economics, Cilt 8, 2003, s.279-295.
  • D. Yiğit, “Avro Alanı İçin Yeni Bir Antlaşma”, Stratejik Düşünce, Cilt 3, Sayı 26, 2012, s.72-78.
There are 64 citations in total.

Details

Primary Language Turkish
Subjects Political Science
Journal Section Research Article
Authors

Dilek Yiğit

Publication Date May 1, 2012
Submission Date January 1, 2012
Published in Issue Year 2012 Volume: 11 Issue: 1

Cite

Chicago Yiğit, Dilek. “KÜRESEL EKONOMİK KRİZ ÖNCESİ VE KRİZİN ETKİLERİ İLE MÜCADELE SÜRECİNDE AVRUPA BİRLİĞİ’NDE EKONOMİ YÖNETİMİ”. Ankara Avrupa Çalışmaları Dergisi 11, no. 1 (May 2012): 135-68. https://doi.org/10.1501/Avraras_0000000175.

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