Subscreva à nossa newsletter
Jean Monnet Programme
In 2018, a new Jean Monnet project presented and coordinated by Professor Luis Silva Morais’ was selected for an annual grant. The aim of the project is to reflect on the General Theme of Overall Reform of the Governance of the European Monetary (EMU) (European Monetary Union) – The interplay between the monetary budgetary pillars of EMU, the completion of European Banking Union and of the Capital Markets Union.
We proposed to develop a major International Conference and a cycle of related International Seminars and Workshops under the General Theme of Overall Reform of the Governance of the European Monetary (EMU) (European Monetary Union) – The interplay between the monetary budgetary pillars of EMU, the completion of European Banking Union and of the Capital Markets Union.
At the core of the Project is a systematic analysis of an adequate and balanced combination of elements of overall reform of the key building blocks of EMU. Recent reform proposals put forward by some Member States by the end of 2017 (especially France) and envisaged also by EU Institutions (especially the Commission with its “Roadmap for deepening European and Monetary Union” of 6 December 2017) justify a comprehensive scientific discussion in this domain that might actively contribute to such medium to long-term reform of the governance and of the structure of EMU, relying on the aforementioned interplay between, on the one hand, aspects of restructured monetary and budgetary pillars of EMU, oriented inter alia towards the stabilization of sovereign debt markets and involving growing/phased elements of mutualization of sovereign debt at EU level (however limited at first and subject to specific requirements of fiscal discipline) and, on the other hand, aspects of continuing reform of financial regulation in the EU and concomitant building of an European Banking Union and a Capital Market Union, as per the successive normative elements developed in the course of 2014-2017, and other future normative elements of this open-ended process on the basis of the on-going reform of the European Supervisory Authorities (ESAs) and the on-going reform of Banking Resolution Directive and the Single Resolution Mechanism Regulation deriving from the Proposals presented by the Commission in the end of 2016.
The Project involves young researchers and young Professors for the conference and seminars, combined with core interventions of worldwide specialists in this domain, and also policymakers with strong academic background, but is also aimed towards the elaboration of papers or e-books and the production of notes.
The overriding idea underlying the core proposed idea and leitmotif of the project of building of new normative and institutional structures and instruments has to do with the goal of ensuring and safeguarding financial stability and long-term economic growth in the EU and, in parallel, to create the basis for gradual or various intermediate options or steps towards a new model or a new paradigm of sovereign debt markets and macro-economic policy in the EU (and the Eurozone) – meaning, in the short and medium term, partially mutualized, mutualized or non-mutualized sovereign debts in the Eurozone (bearing in mind the necessary technical – legal and economic – basis of various scenarios in this domain that may provide solid ground to political discussions in this field, which, in turn, are decisive to address the fundamental market tensions that have affected the Eurozone in spite of its core economic fundamentals of GDP, productivity or potential GDP that compare favourably, under various perspectives, with the ones of the USA (and its individual States), but suffer from the imbalances arising from deficits of financial and overall governance in the Eurozone as a whole.
With the support of the Erasmus+ Programme of the European Union