IDEAS home Printed from https://ideas.repec.org/a/spr/weltar/v155y2019i1d10.1007_s10290-018-0329-1.html
   My bibliography  Save this article

The euro after Meseberg

Author

Listed:
  • Barry Eichengreen

    (University of California, Berkeley)

Abstract

The Meseberg Declaration of June 2018 summarizes the state of play on euro area reform. It indicates areas where there is agreement in principle between leading governments on measures to strengthen the resilience of their monetary union, but no agreement as yet on how to implement those measures. It indicates also areas where there is not even agreement in principle. It thus provides a basis for addressing the question of whether Europe is ready for the next crisis. The absence of bank concentration charges, a European safe asset, European deposit insurance, changes in ESM governance and meaningful fiscal reform suggests that the answer is no. More positively, Meseberg at least recommends some small steps in these directions.

Suggested Citation

  • Barry Eichengreen, 2019. "The euro after Meseberg," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 155(1), pages 15-22, February.
    • Handle: RePEc:spr:weltar:v:155:y:2019:i:1:d:10.1007_s10290-018-0329-1
    DOI: 10.1007/s10290-018-0329-1
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10290-018-0329-1
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s10290-018-0329-1?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Barry Eichengreen & Ashoka Mody, 2003. "Is Aggregation a Problem for Sovereign Debt Restructuring?," American Economic Review, American Economic Association, vol. 93(2), pages 80-84, May.
    2. Emmanuel Farhi & Jean Tirole, 2018. "Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 85(3), pages 1781-1823.
    3. Barry Eichengreen & Charles Wyplosz, 2016. "Minimal Conditions for the Survival of the Euro," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 51(1), pages 24-28, January.
    4. Vetlov, Igor & Attinasi, Maria Grazia & Lalik, Magdalena, 2017. "Fiscal spillovers in the euro area a model-based analysis," Working Paper Series 2040, European Central Bank.
    5. Jean Pisani-Ferry & André Sapir & Jürgen von Hagen & Anne Krueger, . "A European mechanism for sovereign debt crisis resolution- a proposal," Bruegel Blueprints, Bruegel, number 446.
    6. Barry Eichengreen, 2003. "Restructuring Sovereign Debt," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 75-98, Fall.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hefeker Carsten, 2019. "Helping with the Homework: Support Mechanisms for Uncertain Reforms in a Monetary Union," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 239(5-6), pages 983-1004, October.
    2. Francesco Spadafora, 2019. "European integration in the time of mistrust," Questioni di Economia e Finanza (Occasional Papers) 512, Bank of Italy, Economic Research and International Relations Area.
    3. Laura Alfaro & Paul R. Bergin, 2019. "Introduction to: the euro at twenty," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 155(1), pages 1-3, February.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Serbini, Bénédicte, 2012. "L’adoption des clauses d’actions collectives dans les obligations souveraines européennes," L'Actualité Economique, Société Canadienne de Science Economique, vol. 88(4), pages 479-497, Décembre.
    2. repec:hal:spmain:info:hdl:2441/2443 is not listed on IDEAS
    3. Jérôme Sgard, 2011. "The IMF Meets Commercial Banks: Sovereign Debt Restructuring between 1970 and 1989," SciencePo Working papers Main hal-03473808, HAL.
    4. Mr. Ousmene J Mandeng, 2004. "Intercreditor Distribution in Sovereign Debt Restructuring," IMF Working Papers 2004/183, International Monetary Fund.
    5. Carmen M. Reinhart & Franziska L. Ohnsorge & Kenneth S. Rogoff & M. Ayhan Kose, 2022. "The Aftermath of Debt Surges," Annual Review of Economics, Annual Reviews, vol. 14(1), pages 637-663, August.
    6. Christophe Destais & Frederik Eidam & Friedrich Heinemann, 2019. "The design of a sovereign debt restructuring mechanism for the euro area: Choices and trade-offs," EconPol Policy Reports 11, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    7. Yue, Vivian Z., 2010. "Sovereign default and debt renegotiation," Journal of International Economics, Elsevier, vol. 80(2), pages 176-187, March.
    8. Nicoletta Layher & Eyden Samunderu, 2020. "The Impact of the Introduction of Uniform European Collective Action Clauses on European Government Bonds as a Regulatory Result of the European Sovereign Debt Crisis," JRFM, MDPI, vol. 14(1), pages 1-32, December.
    9. Kathrin Berensmann & Angélique Herzberg, 2009. "Sovereign Insolvency Procedures – A Comparative Look At Selected Proposals," Journal of Economic Surveys, Wiley Blackwell, vol. 23(5), pages 856-881, December.
    10. Esteban Jadresic & Klaus Schmidt-Hebbel & Rodrigo Valdés, 2003. "Crisis Financieras Internacionales, Prestamista de Última Instancia y Nueva Arquitectura Financiera Internacional," Working Papers Central Bank of Chile 212, Central Bank of Chile.
    11. Jorge Fernández-Ruiz, 2004. "The Simple Case For Collective Action Clauses," Remef - Revista Mexicana de Economía y Finanzas Nueva Época REMEF (The Mexican Journal of Economics and Finance), Instituto Mexicano de Ejecutivos de Finanzas, IMEF, vol. 3(3), pages 237-248, Septiembr.
    12. E. Mengus, 2014. "International Bailouts: Why Did Banks' Collective Bet Lead Europe to Rescue Greece?," Working papers 502, Banque de France.
    13. Mattia Osvaldo Picarelli & Aitor Erce & Xu Jiang, 2019. "The benefits of reducing holdout risk: evidence from the Euro CAC experiment, 2013–2018," Capital Markets Law Journal, Oxford University Press, vol. 14(2), pages 155-177.
    14. Bauer, Christian & Herz, Bernhard & Hoops, Stefan, 2008. "A Cheap Lunch for Emerging Markets: Removing International Financial Market Imperfections with Modern Financial Instruments," World Development, Elsevier, vol. 36(9), pages 1514-1530, September.
    15. Jérôme Sgard, 2011. "The IMF Meets Commercial Banks: Sovereign Debt Restructuring between 1970 and 1989," Working Papers hal-03473808, HAL.
    16. Martín Guzmán, 2015. "In the quest of a Framework for Sovereign Debt Restructuring," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2015-7, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    17. Vítor Constâncio, 0. "The Return of Fiscal Policy and the Euro Area Fiscal Rule," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 0, pages 1-15.
    18. repec:hal:wpspec:info:hdl:2441/2443 is not listed on IDEAS
    19. Vítor Constâncio, 2020. "The Return of Fiscal Policy and the Euro Area Fiscal Rule," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 62(3), pages 358-372, September.
    20. Daniels, Kenneth & Ramirez, Gabriel G., 2007. "Debt restructurings, holdouts, and exit consents," Journal of Financial Stability, Elsevier, vol. 3(1), pages 1-17, April.
    21. Mitchener, Kris & Trebesch, Christoph, 2021. "Sovereign Debt in the 21st Century: Looking Backward, Looking Forward," CEPR Discussion Papers 15935, C.E.P.R. Discussion Papers.
    22. Sandrine Levasseur & Christine Rifflart, 2003. "Crises de dette souveraine : vers une nouvelle résolution ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 86(3), pages 83-131.

    More about this item

    Keywords

    Monetary union; Euro; Reform;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • F30 - International Economics - - International Finance - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:weltar:v:155:y:2019:i:1:d:10.1007_s10290-018-0329-1. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.