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Looking Beyond Coronabonds: What Covid-19 Means for the Future of the Eurozone

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Looking Beyond Coronabonds: What Covid-19 Means for the Future of the Eurozone
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Publication date: 
Thursday, April 30, 2020
Abstract in English: 
The pandemic has created an unprecedented level of uncertainty, mainly because we do not know how long it will last. This affects the economic implications. Two facts are clear: there will be a recession and budget deficits will have to soar. This note draws some implications beyond the immediate health concerns. In many ways, they challenge the architecture of the Eurozone. Either the architecture will change or the Eurozone as we know it will cease to exist. During the sovereign debt crisis from 2010 to 2015, the architecture was changed just as the Eurozone was on the verge of losing one or more members, with unmeasurable consequences. Will history repeat itself?
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11
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Future of Europe

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Future of Europa
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Publication date: 
Friday, November 1, 2019
Abstract in English: 
A decade after the crisis that came close to destroying it, the Eurozone remains fragile. Fiscal indiscipline, a key cause of the crisis, remains a relevant issue. Progress has been made to make the banking system safer, but much more is required to contain risk. Eurozone governance remains weak. This paper argues that six key steps are required to refashion the Eurozone into a robust monetary union capable of dealing with unexpected shocks in the future. These steps are: 1. Subsidiarity should be rigorously applied to straighten the existing muddled governance structures. 2. Banking Union needs to be completed to break the doom loop between banks and governments. 3. Pan-European banks and fully integrated financial mar-kets offer the best solution to absorb national disturbances. Implicit protectionism – through regulations and support for national champions – should not be accepted. 4. The responsibility for fiscal discipline must lie where the budget authority is exercised: at the national level. 5. The no-bailout clause is the best protection against fiscal indiscipline. It should be formally restored. 6. Some countries with large public debts remain vulnerable market sentiment fluctuations. However, there are ways to reduce these debts without any transfer or mutual guarantees.
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28
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Towards a more resilient euro area

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Monday, June 18, 2018
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This volume gathers the contribution made by different experts in the "Future Europe" forum on how to strengthen the economic and monetary Union. These are personal-and diverging-opinions from the different contributors dealing with a broad range of topics such as monetary policy, fiscal policy, systemic risk management, risk sharing and sovereign debt management etc. suggesting different ways and means to solve the current eurozone's problems and difficulties.
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122
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The Future of the Economic and Monetary Union

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Friday, June 15, 2018
Abstract in English: 
While there is general agreement within the euro zone that further reform is needed, there is however disagreement as to which measures should be implemented. In a nutshell, member states disagree over the balance between risk sharing and risk reduction. Risk reduction proponents place the emphasis on crisis prevention, while those who emphasise risk sharing focus on crisis mitigation. This book represents a concerted effort by four prominent scholars from France, Germany, Italy and the Netherlands to summarise the discussion in those countries and analyse in which areas the member states may find common ground to press ahead with reforms. The authors have been asked to provide a background to how the euro has been perceived in their respective countries and identify which EMU reforms would be acceptable in the short- to medium-term perspective.
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90
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Remaking Europe: Framework for a policy

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La survie et le succès de l'Union européenne dépendent de la vitalité de la zone euro. La priorité est en conséquence de donner à celle-ci une perspective claire à 10 ou 15 ans et de la transformer progressivement en un espace réellement intégré, qu'il s'agisse des engagements nécessaires pour mettre en oeuvre des politiques économiques saines et convergentes, de la volonté de recourir aux instruments de solidarité les mieux adaptés ou de l'adoption de règles de gouvernance adéquates. Ainsi seront réunies les conditions d'une nouvelle croissance et d'un meilleur emploi.
L'Union européenne, à 28 Etats membres, doit elle aussi retrouver le chemin de la rigueur et de l'efficacité. Il convient de lui assigner quelques objectifs politiques essentiels, objectifs d'ores et déjà énoncés dans les traités et dont la mise en oeuvre concrète devrait être approuvée par tous les Etats membres : énergie et environnement, marché intérieur, défense, conditions nécessaires pour préserver la libre circulation des personnes.
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Date of Editorial Board meeting: 
Publication date: 
Sunday, September 1, 2013
Abstract in English: 
The survival and success of the European Union depend on the vitality of the Eurozone. The priority is therefore to give the Eurozone a clear perspective for the coming 10 to 15 years and gradually to transform it into a truly integrated area. This approach must embrace the commitments necessary to implement sound and convergent economic policies, a determination to embrace practical instruments of solidarity and the adoption of meaningful rules of governance. These are the keys to new economic growth and higher levels of employment.
The 28-member state European Union has too to find the path of rigour and efficiency. We should agree on a few essential political goals. These goals are already there in the treaties: their concrete implementation now has to be agreed and accepted by all Member States. Energy and the environment, the internal market, defence, and the necessary conditions for the free movement of individuals, are the key policies.
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