Revisiting the Economic Case for Fiscal Union in the Euro Area

Business & Finance, Economics, International Economics, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Revisiting the Economic Case for Fiscal Union in the Euro Area by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld, INTERNATIONAL MONETARY FUND
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld ISBN: 9781484344033
Publisher: INTERNATIONAL MONETARY FUND Publication: February 20, 2018
Imprint: Language: English
Author: Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
ISBN: 9781484344033
Publisher: INTERNATIONAL MONETARY FUND
Publication: February 20, 2018
Imprint:
Language: English

The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

The paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.

More books from INTERNATIONAL MONETARY FUND

Cover of the book A Case of Successful Adjustment: Korea's Experience During 1980-84 by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book A Manual for Country Economists by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Monetary Policy in the New Normal by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book World Economic Outlook, May 1995 by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Global Financial Stability Report April 2009 by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Finance & Development, December 2004 by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Fiscal Policies and Gender Equality by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book IMF Support and Crisis Prevention by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Bank Restructuring and Resolution by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Poverty and Social Impact Analysis in PRGF-Supported Programs by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Exchange Rate Assessments: CGER Methodologies by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book East Timor: Establishing the Foundations of Sound Macroeconomic Management by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Ireland by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Finance & Development, December 2000 by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
Cover of the book Enhancing Development Assistance to Africa: Lessons from Scaling-Up Scenarios (EPub) by Helge Berger, Giovanni Dell'Ariccia, Maurice Obstfeld
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy