SAVING THE EURO - Redesigning Euro Area economic governance

For many years he was a member of the Economic Policy Committee and the Macroeconomic Dialogue of the European Union and of the Economic Policy Committee of the OECD. [...] Policies adopted to solve the crisis in the EMU Financial systems in some of the EMU countries were affected by high-risk and speculative activities in the global financial system and their consequences, including the collapse of Lehman Brothers in September 2008. [...] Help for Greece was delayed and only in May 2010, shortly before the collapse of the Greek public budget, was the European Financial Stability Facility 26 A history of the crises of the European Monetary Union (EFSF) created with a volume of €690 billion by the EMU countries as a temporary crisis resolution mechanism. [...] From 2005 at the latest the development of real estate prices in some of the countries, incoherent wage developments, high current account imbalances as well as the state of the global financial system, all should have been at the centre of economic policy debates in the EMU. [...] The “Five Presidents’ Report” (drafted by the presidents of the European Council, the European Commission the Euro-Group, the European Central Bank and the European Parliament) foresees a permanent reform process, spanning until 2025, before the euro-area will be “completed” ( Juncker et al.