Europe’s future: The value of an institutional economics perspective by Nauro Campos, Jan-Egbert Sturm published by VOXEU (5/2018).
“Economists have discussed what to do to reform the European project and how, but have been silent on who and when. Which institutions and rules are needed and when? This column introduces a new eBook that makes the case such institutional questions are of fundamental importance for the future of Europe. The individual chapters distil the lessons from the institutional framework underpinning the Bretton Woods system and the globalisation wave that followed it.
One can no longer be sure whether Europe is just at a crossroads or on the brink. The multi-faceted economic crisis has deepened. It has also become a widespread political crisis. There is little disagreement that the European integration project needs to be reformed and that this needs to be done now, before the next economic downturn. The costs of doing nothing are large and rising, and we must think of innovative ways to make reform happen in a democratic, efficient, and sustainable manner.
Economists have debated what to do and how1 but have been mostly silent on who and when. Which institutions and agencies are needed? In our view, not even asking the question, “Which institutions should be redesigned or even created from scratch to carry out reform in Europe?”, goes a long way towards explaining why reforms have not been implemented…”
Bretton Woods, Brussels, and Beyond Redesigning the Institutions of Europe edited by Nauro F. Campos and Jan-Egbert Sturm VOXEU (5/2018).
Economists have discussed extensively what to do to reform the European Project and how, but have been broadly silent on who and when. Which institutions and rules are needed, and when? This eBook shows that such institutional questions, although seldomly raised, are of fundamental importance for the future of European integration.