Tuesday , October 22 2019
Home / Tag Archives: European Monetary Union (EMU)

Tag Archives: European Monetary Union (EMU)

Backstage at BAM19: Priorities for Europe’s monetary union

Backstage at the Bruegel Annual Meetings, Nicholas Barrett talks with Zsolt Darvas on Europe's monetary union. By: The Sound of Economics Date: September 5, 2019 Topic: European Macroeconomics & Governance How complete is Europe’s monetary union? Is the euro area ready for a next recession or an economic crisis? What should be the reform priorities? In this podcast, Nicholas Barrett discusses the priorities for Europe’s monetary union, with Zsolt Darvas.

Read More »

Make euro-area sovereign bonds safe again

In their recent Policy Insight, the team of French and German authors suggest introducing sovereign bond-backed securities to play the role of safe asset in the euro area. This column, part of the VoxEU debate on euro-area reform, argues that an improved euro-area architecture would, in the long run, make all euro-area sovereign bonds safer, and thus make the provision of safe assets through untested and potentially disruptive sovereign bond-backed securities unnecessary. This opinion...

Read More »

Future of EMU

On 8 March 2018, Guntram B. Wolff discussed the opportunity and options to upgrade the European Monetary Union in his Testimony at the Swedish Parliament’s – Committee on Finance. The author is analysing the current situation of the EMU and make recommendations on how and why stability mechanism should be implemented. What is the future of the EMU, what remains to be done, desirable clarifications on programmes and how to get the balance right. Bruegel’s Director Guntram B. Wolff...

Read More »

Euro-area enlargement: a new opening?

8 of the EU27 have not yet joined the Euro, and progress in euro-area enlargement seems to have stalled. Commission President Juncker wants to give new momentum to the process, but the path is full of political and technical hurdles. The Euro is unlikely to have any new members soon. By: Marek Dabrowski Date: November 2, 2017 Topic: European Macroeconomics & Governance In his State of the Union speech on 13 September,...

Read More »

The missing pieces of the euro architecture

What are the remaining fragilities of the Euro architecture? This policy contribution assesses the institutional reforms put in place during and after the crisis and make some proposals for a coherent economic governance framework to make Europe’s monetary union more resilient. By: Grégory Claeys Date: October 26, 2017 Topic: European Macroeconomics & Governance A version of this paper was prepared for the conference...

Read More »

A European perspective on overindebtedness

The sequence of crisis and policy responses after mid-2007 was a gradual recognition of the unsustainability of the euro-area policy framework. The bank-sovereign vicious circle was first observed in 2009 and became widely acknowledged in the course of 2011 and early 2012. The most impactful initiative has been the initiation of a banking union in mid-2012, but this remains incomplete and needs strengthening. The euro-area crisis, which nearly destroyed Europe’s Economic and...

Read More »

Europe’s fourfold union: Updating the 2012 vision

In the past half-decade, Europe’s financial union has been significantly strengthened but remains incomplete and is challenged by Brexit. No consensus has been found on fiscal union, and the existing fiscal framework based on administrative control is problematic. Economic union has not made material progress. Political union might have advanced further than many observers realise. This four-part categorisation remains relevant and useful when assessing current and future challenges to...

Read More »

What are the prerequisites for a euro-area fiscal capacity?

In this Policy Contribution, Maria Demertzsis and Guntram B. Wolff discuss three progressive steps for strengthening the fiscal framework at the euro-area level. These lead to less interference in national fiscal policymaking thanks to a more credible no-bailout clause, increased risk sharing and different degrees of provision of euro-area-wide public goods and fiscal stabilisation. Executive Summary This is the background paper for the presentation given at the informal ECOFIN in...

Read More »