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Fiscal and financial conditions for a stronger euro area

Author

Listed:
  • Vítor Constâncio

    (Lisbon School of Economics and Management, University of Lisbon, Portugal)

Abstract

The euro is irreversible but it needs reform to address well-known design deficiencies and also new challenges. Although progress has been made, further steps are needed, the most important of which are: revision of the fiscal rules, establishing a central stabilisation capacity, and completing the banking union (especially a deposit insurance, a capital market union based around a common safe asset, and improved macroprudential policy). This article sets out the necessary reforms in these areas in detail.

Suggested Citation

  • Vítor Constâncio, 2020. "Fiscal and financial conditions for a stronger euro area," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 17(2), pages 183-193, September.
    • Handle: RePEc:elg:ejeepi:v:17:y:2020:i:2:p183-193
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    More about this item

    Keywords

    EMU reform; fiscal rules; Stability and Growth Pact; European safe asset;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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