How to Finance Cohesion in Europe?


How to Finance Cohesion in Europe?

9781789902594 Edward Elgar Publishing
Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria
Publication Date: 2019 ISBN: 978 1 78990 259 4 Extent: 192 pp
Amid formidable challenges, Europe’s future depends not least on the capacity of its economies to converge toward their better performing peers. Dissecting the complexity of cohesion, this book analyzes which dimensions matter most for the smooth functioning of Economic and Monetary Union (EMU) and for the (income) convergence of Central, Eastern and Southeastern European (CESEE) countries. Central bankers, policy-makers and academics discuss how to best advance the catching-up process and look into EU structural and cohesion policies, critically assessing their contribution to economic and social development.

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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.
Critical Acclaim
‘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


PART I Financing economic and social cohesion
1. Funding European solidarity
Ewald Nowotny, Doris Ritzberger-Grünwald, Helene Schuberth

2. The role of the European Union in fostering convergence
Benoît Cœuré

PART II The role of monetary policy in catching-up
3. Monetary policy and catching-up in CESEE
Anita Angelovska Bezhoska

4. Some considerations about the impact of monetary policy on economic convergence
Mugur Isărescu

5. Nominal versus real convergence: Bulgaria’s practical approach toward euro adoption
Dimitar Radev

PART III Cohesion within and between countries
6. Strengthening economic convergence in Europe
Jeffrey D. Sachs

7. Trust and cohesion in Europe: lessons from the Delian League
Athanasios Orphanides

PART IV The role of the EU budget
8. The next EU budget and the financing of cohesion policy
Sándor Richter

9. Strengthening added value and sustainability-orientation in the EU budget
Margit Schratzenstaller-Altzinger

10. EU budget: How to deliver more with less? The case for financial instruments
Stéphane Saurel

PART V Industrial policy and investment
11. Deindustrialization, job polarization and ageing in emerging Europe
Ralph De Haas, Martin Höflmayr

12. Mind the gap: How does the flow of EU funds match structural investment gaps in CESEE?
Tomáš Slačík

13. Improving host countries’ investment environment: Is the national supply side really the right focus?
Andrew Watt


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