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Reconciling risk sharing with market discipline: A constructive approach to euro area reform
Agnès Bénassy-Quéré; Markus K. Brunnermeier; Henrik Enderlein; Emmanuel Farhi; Marcel Fratzscher; Clemens Fuest; Pierre-Olivier Gourinchas; Philippe Martin; Jean Pisani-Ferry; Hélène Rey; Isabel Schnabel; Nicolas Véron; Beatrice Weder di Mauro; Jeromin Zettelmeyer
发表日期2018-01-17
出版年2018
语种英语
概述This publication, written by a group of independent French and German economists, proposes six reforms which, if delivered as a package, would improve the Eurozone’s financial stability, political cohesion, and potential for delivering prosperity to its citizens, all while addressing the priorities and concerns of participating countries.
摘要

After nearly a decade of stagnation, the Eurozone is finally experiencing a robust recovery. While this comes as a relief – particularly in countries with high debt and unemployment levels – it is also breeding complacency about the underlying state of the Eurozone. Maintaining the status quo or settling for marginal changes would be a serious mistake, however, because the currency union continues to suffer from critical weaknesses, including financial fragility, suboptimal conditions for long-term growth, and deep economic and political divisions. While these problems have many causes, a poorly designed fiscal and financial architecture is an important contributor to all of them:

  • The ‘doom loop’ between banks and sovereigns continues to pose a major threat to individual member states and the Eurozone as a whole. An incomplete banking union and fragmented capital markets prevent the Eurozone from reaping the full benefits of monetary integration and from achieving better risk sharing through market mechanisms.
  • Fiscal rules are non-transparent, pro-cyclical, and divisive, and have not been very effective in reducing public debts. The flaws in the Eurozone’s fiscal architecture have overburdened the ECB and increasingly given rise to political tensions.

The Eurozone’s inability to deal with insolvent countries other than through crisis loans conditioned on harsh fiscal adjustment has fuelled nationalist and populist movements in both debtor and creditor countries. The resulting loss of trust may eventually threaten not just the euro, but the entire European project.

Read more on VOX, CEPR’s policy portal

主题European Macroeconomics & Governance
关键词banking union capital markets European governance eurozone governance finance & financial regulation fiscal policy monetary union Sovereign debt
URLhttps://bruegel.org/2018/01/reconciling-risk-sharing-with-market-discipline-a-constructive-approach-to-euro-area-reform/
来源智库Bruegel (Belgium)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/429682
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GB/T 7714
Agnès Bénassy-Quéré,Markus K. Brunnermeier,Henrik Enderlein,et al. Reconciling risk sharing with market discipline: A constructive approach to euro area reform. 2018.
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