Nové prvky economic governance v Evropské unii

Abstract

Topic of this diploma work is New Elements of the Economic Governance in the European Union. This theme was chosen mainly because of its topicality. The recent economic crisis, which hit the European Union, unveiled the weaknesses of the original concept of the economic governance. It is for this reason began Member States, in cooperation with the EU institutions, to create an new instruments and reforms aimed at economic sphere not only individual Member States, but also the EU as a whole. The second chapter deals with the emergence of the crisis. The crisis began in the United States of America and from there spread across the world in a few months. This chapter describes how development should the crisis in the Member States, there is also mentioned the course of the crisis in selected EU countries, which were, and in many cases still are, the most hit by the crisis. The third chapter focuses on the reasons for the reform of the economic governance in the EU. At the beginning of the chapter’s a term defined. The next section is devoted to the development of the economic governance in the EU. The chapter ends with an analysis of the Stability and Growth Pact. This document is considered as problematic. States did not respect the rules coming from it and in most cases they committed fiscal indiscipline. The fourth chapter describes the newly formed elements of the economic governance in the EU. These instruments can by divided into two groups. The first group represents the instruments that ensure the economic stability of the member countries. In this part are described the EFSF, the EFSM and the ESM. The second group of instruments can be named as instruments that lead to the strengthening of the surveillance of the economic policies of the Member States. In this case the European Semester, the Euro Plus Pact, Fiscal pact and two packages of legislative measures, as called Six – pack and Two – Pack. The fifth chapter is focused on the analysis of indicators and adherence to these indicators through which, under the new rules, which are based on the Six – pack monitored macroeconomic situation in the EU Member States. These are eleven indicators that have a good time to detect macroeconomic imbalances in the Member States. It also assessed the overall mechanism established in order disclosure of macroeconomic imbalances. The aim of the work is to evaluate the success of compliance and the overall usability of indicators aimed at removing macroeconomic imbalances within the EU Member States.