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Banking fragility rooted in justice failures Evidence from Ukraine
Research Paper

Enhancing the Legitimacy of EMU Governance

by Cinzia Alcidi / Alessandro Giovannini / Sonia Piedrafita
18 December 2014

Enhancing the Legitimacy of EMU Governance

Cinzia Alcidi / Alessandro Giovannini / Sonia Piedrafita

This CEPS Special Report investigates ways to enhance the legitimacy of economic governance in the Economic and Monetary Union (EMU) without introducing Treaty changes. It suggests changes in the governance framework at both the institutional and economic level. Input-oriented legitimacy can be improved by increasing parliamentary oversight on decisions related to EMU and increasing the accountability of the Eurogroup. Output-oriented legitimacy can be improved by strengthening the ability of EMU to reduce the emergence of negative externalities and to mitigate their impact, through market and fiscal risk-sharing mechanisms.

Cinzia Alcidi is Head of the Economic Policy unit, Alessandro Giovannini is Associate Researcher and Sonia Piedrafita is Research Fellow in the Politics and Institutions unit at CEPS.

About the Authors


Enhancing the Legitimacy of EMU Governance
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