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The time is right for a European Monetary Fund

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  • André Sapir
  • Dirk Schoenmaker

Abstract

The issue The creation of the European Stability Mechanism (ESM) and the banking union were instrumental in stemming the euro-area sovereign crisis. However, both remain incomplete. While the ESM reduces the risk of sovereign debt crises, it still lacks an instrument to deal in an orderly way with insolvency crises. This makes the no-bailout clause of the Maastricht Treaty toothless. Two of the banking union’s pillars – common European supervision...

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  • André Sapir & Dirk Schoenmaker, 2017. "The time is right for a European Monetary Fund," Policy Briefs 22592, Bruegel.
    • Handle: RePEc:bre:polbrf:22592
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    Cited by:

    1. Aristomene Varoudakis, 2019. "L’Union bancaire et la réforme de l’architecture financière de la zone euro," Bulletin de l'Observatoire des politiques économiques en Europe, Observatoire des Politiques Économiques en Europe (OPEE), vol. 40(1), pages 29-36, July.

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