Titlebook: Europe‘s New Fiscal Union; Pierre Schlosser Book 2019 The Editor(s) (if applicable) and The Author(s) 2019 euro crisis.Europe‘s Economic a

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f its sequencing.Explains the institutionalization of a centThe euro crisis made Europe’s stateless currency falter. This book retraces and interprets the ways in which the crisis impacted the unique institutional set-up of Europe’s Economic and Monetary Union (EMU). It argues that the crisis propel

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https://doi.org/10.1007/978-3-322-83873-5its independence to conduct its monetary policy. As the ECB does not formally possess the lending of last resort function, it had to revert to selected, strategic and timely interventions to exert this new quasi-fiscal authority.

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Building Central Financial Assistance Capacities, often forgotten facilities that preceded their existence. The chapter argues that the creation of these financial mechanisms has converted the Eurogroup and the Euro Working Group (EWG) into executive bodies.

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Developing an EMU Lending of Last Resort Capacity,its independence to conduct its monetary policy. As the ECB does not formally possess the lending of last resort function, it had to revert to selected, strategic and timely interventions to exert this new quasi-fiscal authority.

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