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Economies
Special Issues
European Economic Governance and Integration at a Crossroads
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European Economic Governance and Integration at a Crossroads

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: 30 April 2025 | Viewed by 1413

Special Issue Editor

Prof. Dr. Fabio Masini

E-Mail Website
Guest Editor
Department of Political Sciences, Università degli Studi Roma Tre, 00145 Rome, Italy
Interests: European and international economic and monetary integration; economic policy and public intervention in the economy

Special Issue Information

Dear Colleagues,

European integration is at a crossroads. With increasing fragmentation and competition worldwide, the shrinking and reshuffling of global value chains, the redesigning of strategic alliances for energy and critical raw materials, and the need to increase the European level of economic sovereignty and strengthen the common industrial policy, a major change is needed in both the instruments and governance of the European economy. The enlargement policy, which is key to stabilizing neighboring regions and strengthening European security, further demands a redesigning of integration architecture as a whole.

The instruments designed during the early days of the pandemic (in particular, the PEPP and the Next Generation EU) provided a rather efficient and innovative temporary framework for crisis management compared to those utilized in the previous decade. The following upset of the geopolitical and macroeconomic global framework exposed the incoherence of the slow rhythm of adjustment that the European Union allowed herself to pursue, as indicated by what occurred with the reform of the Stability and Growth Pact.

The aim of this Special Issue is to provide food for thought in view of the necessary changes in the European economic architecture in order for Europe to fully become a global actor. Among the topics to be explored, the following can be outlined: adjusting policy mixes and economic governance to become a global actor; the international role of the euro; completing the banking union and the European capital market; how to manage a multilayered economic policy; the role of the European Stability Mechanism; how to expand the budget (own resources) and what to use it for (European public goods); how to finance and govern the economy across green and digital transitions; and the future perspectives of trade and monetary agreements with Africa and Latina America.

Prof. Dr. Fabio Masini
Guest Editor

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • European economic governance
  • economic and industrial sovereignty
  • multilayered economy
  • policy mix
  • European public goods

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Published Papers (2 papers)

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Research

36 pages, 12038 KiB  
Article
Convergence and Divergence Tendencies in the European Union: New Evidence on the Productivity/Institutional Puzzle
by Zoran Borović, Dragana Radicic, Vladana Ritan and Dalibor Tomaš
Economies 2024, 12(12), 323; https://doi.org/10.3390/economies12120323 - 27 Nov 2024
Viewed by 364
Abstract
The World Bank (WB) has described the European Union (EU) as a convergence machine, and the real and institutional convergence has been achieved for a long period of time, and EU’s cohesion policy, alongside the Recovery and Resilience Facility (RRF), remains crucial for [...] Read more.
The World Bank (WB) has described the European Union (EU) as a convergence machine, and the real and institutional convergence has been achieved for a long period of time, and EU’s cohesion policy, alongside the Recovery and Resilience Facility (RRF), remains crucial for driving reforms and fostering investments that promote growth. But, in the last two decades this convergence machine has stopped working, and the convergence process has turned in the divergence. The divergence process poses a great risk for the smooth functioning of the EU, and it increases vulnerability of the EU to negative economic shocks. Productivity and institutional convergence are a necessary precondition for the smooth functioning of the EU, reducing differences in standards of living, increasing resilience, and achieving environmental sustainability. In the present paper, we will apply log t-test over the period 2003–2023 to investigate the formation of productivity and institutional convergence clusters. Our goal is to identify which countries belong to the poor productivity/institutional clubs, and to provide the necessary policy implications. Results indicate the existence of multiple steady states, which means that EU is vulnerable to external economic shocks Full article
(This article belongs to the Special Issue European Economic Governance and Integration at a Crossroads)
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21 pages, 2718 KiB  
Article
Expenditure Rules: Limiting the Level or the Variation of Public Expenditure?
by Séverine Menguy
Economies 2024, 12(11), 295; https://doi.org/10.3390/economies12110295 - 29 Oct 2024
Viewed by 648
Abstract
The main goal of the first-generation expenditure rules was to ensure fiscal discipline: preserving a sound fiscal framework and public debt sustainability. Regarding this goal, analytically as well as empirically, limiting the share of public expenditure in GDP would be more appropriate in [...] Read more.
The main goal of the first-generation expenditure rules was to ensure fiscal discipline: preserving a sound fiscal framework and public debt sustainability. Regarding this goal, analytically as well as empirically, limiting the share of public expenditure in GDP would be more appropriate in case of weak potential economic growth or if the public expenditure-to-GDP ratio is high. On the contrary, limiting the variation of public expenditure would be more appropriate for countries with high potential economic growth or with a weak public expenditure-to-GDP ratio. The second goal of expenditure rules is to contribute to sustaining economic activity. Regarding this goal, limiting the level of public expenditure appears as more favorable than limiting the variation of public expenditure. Indeed, a rule in terms of variation could hamper economic growth, especially for countries with a high public expenditure-to-GDP ratio. Full article
(This article belongs to the Special Issue European Economic Governance and Integration at a Crossroads)
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