Institutional reform and changes in the economic governance of the European Union after the economic crisis

Abstract

The effects of the Greek sovereign debt crisis in 2009 placed in doubt the viability of the European Union's economic and political integration project. The design of the Monetary Union and its inability to cope with the external shock of the financial crisis originating in the USA in 2008, called into question whether or not it was a viable plan to continue developing the European integration project. Since then, despite evidence that the European Economic and Monetary Union is not an optimum currency area , difficulties in managing the crisis due to a lack of effective economic governance by the European Union and even the 2020 of one of its most powerful members, Great Britain, the process of community integration continues in progress. The objetive of this research is analyze the three types of actions were carried out: one, of a financial nature, took shape as urgent rescue measures for affected countries such as Greece, Ireland, Portugal and Spain, where community institutions worked together with international bodies such as the IMF (International Monetary Fund). Additionally, monetary policy actions were undertaken by the European Central Bank. And thirdly, a process was instigated to reform the European Union's model of economic governance as an insurance policy against future crises.