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The (Future) European Unemployment Insurance and Its Role as an Automatic Stabiliser

In: The Euro and the Crisis

Author

Listed:
  • Miroslav Beblavý

    (Centre for European Policy Studies (CEPS))

  • Karolien Lenaerts

    (Centre for European Policy Studies (CEPS))

  • Ilaria Maselli

    (Conference Board)

Abstract

In this paper, we examine possibilities and limitations of a potential European Unemployment Insurance in alleviating impact of both symmetric and asymmetric shocks on national budgets and workers’ welfare. We present various policy options and their assessment. In the paper, we first discuss the framework in which an automatic stabiliser would operate and present different options for such a stabiliser. We then focus on the idea of a European unemployment insurance, and review a range of proposals that have been made in this domain. We conclude by listing the challenges and strengths of a common insurance scheme. In terms of challenges, we consider the size, funding and stabilisation impact of the scheme, the countries involved, political feasibility and harmonisation and the issue of moral hazard and permanent transfers. We also explain how these challenges can be overcome.

Suggested Citation

  • Miroslav Beblavý & Karolien Lenaerts & Ilaria Maselli, 2017. "The (Future) European Unemployment Insurance and Its Role as an Automatic Stabiliser," Financial and Monetary Policy Studies, in: Nazaré da Costa Cabral & José Renato Gonçalves & Nuno Cunha Rodrigues (ed.), The Euro and the Crisis, pages 289-301, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-45710-9_17
    DOI: 10.1007/978-3-319-45710-9_17
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    More about this item

    Keywords

    European unemployment insurance; Supranational automatic stabiliser; Economic and Monetary Union; Shocks;
    All these keywords.

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings

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