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Eurozone Governance

Towards a more resilient euro area

Date of Editorial Board meeting: 
Publication date: 
Monday, June 18, 2018
Abstract in English: 
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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Publication date: 
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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The Euro’s Difficult Future

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Publication date: 
Thursday, September 14, 2017
Abstract in English: 
In The Euro’s Difficult Future – Competitiveness Imbalances and the Eurozone’s North-South Divide author Luigi Bonatti, a professor of economics at the University of Trento in Italy, stresses that the existing North-South competitiveness divide creates growing tensions between member countries and fuels hostility towards European Union institutions. The paper illustrates why this competitiveness divide is structural, cannot be tackled by macroeconomic policies, and could threaten the euro’s survival.
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18
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L’Europe dont nous avons besoin

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Publication date: 
Saturday, March 25, 2017
Abstract in English: 
Les Européens ont collectivement réussi à faire face à la crise financière des dernières années. Cet épisode majeur a néanmoins laissé de profondes traces. Dans ce contexte de rétablissement progressif, la construction européenne semble à présent particulièrement menacée par une double contestation. Externe, avec l’élection d’un président des États-Unis pourfendeur du projet européen et avec la politique expansionniste menée par Moscou. Interne, avec la progression continue de l’euroscepticisme, les divisions sur les questions migratoires et le départ programmé du Royaume-Uni.
Soixante ans après la signature du Traité de Rome, l’Europe souffre de ses désaccords et de l’absence d’un projet commun affirmé par ses États membres.
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182
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Europe: What to watch out for in 2016-2017

Date of Editorial Board meeting: 
Publication date: 
Friday, January 15, 2016
Abstract in English: 
The European Union seems to be moving from one emergency to the next. Europe’s leaders are in crisis-fighting mode: reactive, improvising, often uncoordinated – but ultimately modestly successful.
The Eurozone has not splintered; Russia is smarting under Western sanctions; some burden-sharing on refugees has been agreed. Busy with short-term problems, however, Europeans have taken their eyes off more profound, long-term challenges. How the European Union copes with its immediate problems in the next couple of years will determine how the continent will fare in decades to come.
In this White Paper, we – the Global Agenda Council on Europe – are analysing some of the most pressing issues confronting the EU in 2016-2017. We present the choices that European leaders must make in the years ahead and explain how these could shape the Union’s medium to long-term development. To illustrate how different policy choices interact, we have drawn up two fictitious scenarios of how the EU could evolve in the next 10 years.
The immediate economic concerns that dominated the European agenda in 2008-2014 are lessening. The cyclical upswing in the European economy, however, must not make governments complacent about the need for reforms. Faced with stagnating or shrinking working-age populations, European countries simply must fix their productivity problem to generate long-term growth. In innovation and digitization, Europeans often seem obsessed with data privacy and protection rather than grasping new opportunities. The European Commission’s laudable attempts to integrate and improve EU markets – for example, for energy and capital – have so far been slow to get off the ground. The arrival of millions of migrants, asylum seekers and refugees is a great opportunity for an ageing Europe, but only if governments, together with the private sector, act swiftly to help the new arrivals find jobs.
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17
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EU to DO 2015-2019: Memos to the new EU leadership.

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Publication date: 
Wednesday, September 3, 2014
Abstract in English: 
The new EU leadership – the president of the European Commission and his team of commissioners, and the presidents of the European Council and of the European Parliament – will have to address pressing challenges. Despite the significant steps taken by Europe – among them the creation of a European Stability Mechanism, the start of a banking union, the strengthening of fiscal rules and substantial structural reforms in crisis countries – results for citizens are still unsatisfactory. It is impossible to summarise all the memos in this volume but a common theme is the need to focus on pro-growth policies, on a deepening of the single market, on better and more global trade integration. Reverting to national protectionism, more state aid for national or European champions – as frequently argued for by national politicians – will not be the right way out of the crisis. On the contrary, more Europe and deeper economic integration in some crucial areas, such as energy, capital markets and the digital economy, would greatly support the feeble recovery. But in other areas, less Europe would also be a highly welcome signal that the new European leadership is serious about subsidiarity. Internal re-organisation of the European Commission to ensure that it better delivers would also be welcome.
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168
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