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The euro after Meseberg

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  • 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
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    References listed on IDEAS

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    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. Jürgen von Hagen & Jean Pisani-Ferry & André Sapir & Francois Gianviti & Anne O. Krueger, . "A European mechanism for sovereign debt crisis resolution- a proposal," Blueprints, Bruegel, number 446, December.
    6. Barry Eichengreen, 2003. "Restructuring Sovereign Debt," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 75-98, Fall.
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    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.

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    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

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