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Proposal for a Stabilisation Fund for the EMU

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  • Delbecque, Bernard
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    Abstract

    This paper argues that it should be possible to complement Europe’s Economic and Monetary Union with an insurance-type shock absorption mechanism to increase the resilience of member countries to economic shocks and reduce output volatility. Such a mechanism would neither require the establishment of a central authority, nor would it lead to permanent transfers between countries. For this mechanism to become a reality, however, it would be necessary to overcome certain technical problems linked to the difficulty of anticipating correctly the position of an economy in the business cycle.

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    File URL: http://www.ceps.eu/system/files/WD385%20B%20Delbecque%20Stabiliisation%20Fund%20formatted_0.pdf
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    Bibliographic Info

    Paper provided by Centre for European Policy Studies in its series CEPS Papers with number 8494.

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    Length: 15 pages
    Date of creation: Oct 2013
    Date of revision:
    Handle: RePEc:eps:cepswp:8494

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    1. Davide Furceri & Aleksandra Zdzienicka, 2013. "The Euro Area Crisis," IMF Working Papers 13/198, International Monetary Fund.
    2. Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 205-259, 04.
    3. Paul de Grauwe, 2013. "Design Failures in the Eurozone - can they be fixed?," European Economy - Economic Papers 491, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    4. Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011. "A Fiscal Union for the Euro: Some Lessons from History," NBER Working Papers 17380, National Bureau of Economic Research, Inc.
    5. Paul de Grauwe, 2013. "Design Failures in the Eurozone: Can they be fixed?," LEQS – LSE 'Europe in Question' Discussion Paper Series 57, European Institute, LSE.
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