الاستقرار المالي النظامي في الاتحاد النقدي الأوروبي : دروس من أزمة منطقة اليورو

Abstract EN

The study addressed the problem of maintaining systemic financial stability in the euro area, where the European Monetary Union (EMU) crisis revealed the magnitude of its financial and economic imbalances, which were mainly due to defects in the design of its monetary union that was the main source of its financial instability.

The study aimed to identify the adequacy of the institutional and regulatory reforms initiated by the euro area to establish a global framework for maintaining of financial stability of the European Monetary Union context.

The descriptive analytical method has been adopted, in addition to the use of European institutions and IMF reports.

The study concluded that the original design errors of the European Monetary Union are the actual causes of the euro area crisis, which means that this union is incomplete and lacks significant financial and economic pillars.

Despite the efforts made and the challenges to establish strong foundations for systemic financial stability, the most notable lesson of the crisis was the need to complement and strengthen European Monetary Union architecture by a financial and fiscal union to ensure sustainable financial and economic stability.