This article focuses on measures taken in 2012 and 2013 to reform the EU’s institutional framework. These measures, which were largely based on provisions included in the Treaty of Lisbon, have increased the role of the European Parliament and of the national parliaments. Stronger...

This paper contributes to the ongoing debate on fiscal consolidation and the questionable effectiveness of the Stability and Growth Pact by addressing the problem of economic governance in the EMU with a game-theoretic principal-agent approach. Following the theory of delegation, we develop a...

This paper contributes to the ongoing debate on fiscal consolidation and the questionable effectiveness of the Stability and Growth Pact by addressing the problem of economic governance in the EMU with a game-theoretic principal-agent approach. Following the theory of delegation, we develop a...

Situation of Poland's public finances has been improving. Helped by solid economic growth in 2011, Poland has reduced its budget deficit in line with the Commission's recommendations. Contrary to earlier forecasts, in 2012 it was slightly above the ceiling of 3% of GDP. It should be further...

This paper contributes to the ongoing debate on fiscal consolidation and the questionable effectiveness of the Stability and Growth Pact by addressing the problem of economic governance in the EMU with a game-theoretic principal-agent approach. Following the theory of delegation, we develop a...

The institutional framework and the tools for economic governance provided by the Treaty of Lisbon were inadequate for preventing or resolving the recent banking and sovereign debt crisis in the EU. For instance, the Treaty did not provide any instruments for stabilizing euro area finances, and...