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Die Reform der Europäischen Währungsunion muss weitergehen

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  • Clemens Fuest

Abstract

Die Eurozone ist nach wie vor fragil und krisenanfällig, deshalb gehört die Reform der Europäischen Währungsunion zu den wichtigsten Herausforderungen. Reformen für die Eurozone sollten Versicherungselemente und Marktdisziplin gleichzeitig stärken. Ein solches Reformkonzept umfasst unter anderem eine Verpflichtung zur Eigenkapitalunterlegung von Klumpenrisiken in Staatsanleihen, das Ersetzen der Defizitregel durch eine Ausgabenregel, kombiniert mit der Einführung von nachrangigen Staatsanleihen (Accountability Bonds) zur Regeldurchsetzung und eine fiskalische Kapazität, die Mitgliedstaaten unterstützt, die von großen ökonomischen Schocks getroffen werden.

Suggested Citation

  • Clemens Fuest, 2019. "Die Reform der Europäischen Währungsunion muss weitergehen," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(10), pages 03-07, May.
    • Handle: RePEc:ces:ifosdt:v:72:y:2019:i:10:p:03-07
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    File URL: https://www.ifo.de/DocDL/sd-2019-10-fuest-europaeische-waehrungsunion-2019-05-23.pdf
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    References listed on IDEAS

    as
    1. Clemens Fuest & Friedrich Heinemann, 2017. "Accountability Bonds – Reconciling Fiscal Policy Based on Market Discipline with Financial Stability," EconPol Policy Brief 03, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
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    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration

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