How can financial flows help the EU fulfil its mandate to promote economic, social and territorial cohesion, and solidarity among Member States enshrined in the EU Treaty? Dissecting the complexity of cohesion, this book examines the factors that matter most for the functioning of the Economic and Monetary Union and the convergence of Central, Eastern and Southeastern European (CESEE) countries.
This insightful and timely book brings together central bankers, policy makers and academics to discuss how to best advance and fund the catching-up process of the euro area and CESEE countries. Focusing on a modern understanding of industrial policy – which fosters skills, innovation and infrastructure – contributors highlight how the EU's regional policy can better meet persistent investment needs.
Critical and comprehensive, this book is crucial reading for researchers at all levels focusing on policy reform in emerging European economies. Central bankers and policy experts in public or international organizations will also benefit from this book's contemporary perspective on monetary and industrial policies.
'This volume draws the links between social cohesion within European countries and economic convergence to their best performing peers. It deals comprehensively with various dimensions of the catching-up process of middle-income countries in Europe. While the countries in Central, Eastern and Southeastern Europe (CESEE) survived the financial crisis reasonably better than the periphery of the euro area, both need to adjust to new external conditions. With this formidable challenge in mind, the authors present sophisticated appraisals of the central questions and provide incisive analyses of the policy implications for individual CESEE countries and for the euro area and its member states. This book is of great topical relevance and deserves to command a wide audience including both specialists and non-specialists.'
– Pierre Moscovici, European Commission, Economic and Financial Affairs, Taxation and Customs
Contributors: A.A. Bezhoska, B. Cœuré, R. De Haas, M. Höflmayr, M. Isărescu, E. Nowotny, A. Orphanides, D. Radev, S. Richter, D. Ritzberger-Grünwald, J.D. Sachs, S. Saurel, M. Schratzenstaller-Altzinger, H. Schuberth, T. Slačík, A. Watt.
Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria.