Abstract
INSTITUTIONAL REFORMS OF THE ECONOMIC AND MONETARY UNION IMPLEMENTED AFTER 2010: THE EFFECTIVENESS OF NEW ARRANGEMENTS ON THE GROUNDS OF THE THEORY OF OPTIMUM CURRENCY AREAS The economic shocks over the last 15 years revealed low effectiveness of macroeconomic adjustment mechanisms, as manifested by growing imbalances in the current accounts, public finances, and labour markets of the euro zone economies. The essence of the institutional reforms introduced after 2010 was to improve the mechanisms for stabilizing macroeconomic balances, as well as to increase the resilience of the EMU economies to future disturbances, especially those of a systemic nature. New solutions have a strong basis in the theory of optimum currency areas, as well as in institutional economics. The effects of the new institutional arrangements indicate a substantial improvement in the resilience of credit institutions to economic shocks, however, other macroeconomic risks remain.
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