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Recommendations for Europe

Listed author(s):
  • Giuseppe Bertola
  • John Driffill
  • Harold James
  • Hans-Werner Sinn
  • Jan-Egbert Sturm
  • Ákos Valentinyi

Chapter 2: Switzerland: Relic of the Past, Model for the Future? / Learn from the Swiss approach to diversity management. / Embrace pragmatic compromises as a way of laying firm foundations for common institutions and policies. / Adopt both a common legal and regulatory infrastructure, and a comprehensive and rigorous fiscal system. Chapter 3: Austerity: Hurting but Helping / Euro area policy-makers should deal with the periphery’s debt overhang / Countries in which the crisis has permanently changed the growth outlookneed to accept some degree of fiscal austerity and embrace downward wage flexibility. / Periphery countries should make their labour markets more flexible. / The fiscal policy framework in the periphery countries should be strengthened to lend more credibility to the fiscal programs. Chapter 4: Banking Union: Who Should Take Charge? / The ECB’s Comprehensive Assessment of Financial Institutions needs to be as rigorous and transparent in reality as claims suggest it will be. /Clarification of who will pay for the legacy problems revealed by the Comprehensive Assessment is essential. /The list of creditors exempt from bailing-in should be kept short.

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Article provided by CESifo Group Munich in its journal EEAG Report on the European Economy.

Volume (Year): (2014)
Issue (Month): (February)
Pages: 06-07

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Handle: RePEc:ces:eeagre:v::y:2014:i::p:06-07
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