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A European Exit Strategy


  • Jürgen von Hagen
  • Jean Pisani-Ferry
  • Jakob von Weizsäcker


This Policy Brief was adapted from a paper written by the three authors and presented by Bruegel Director Jean Pisani-Ferry at the informal ECOFIN Council meetings in Gothenburg, Sweden, on 1 Oct. In the brief, the authors argue that bank recapitalisation and restructuring should be a matter of urgency for EU member states and that governments should not undertake the necessary fiscal and monetary policy exit until problems within the financial sector are addressed. The authors also recommend that European states set debt targets to be reached by the end of 2014 and explain that proper incentives are necessary to ensure that an exit strategy, once implemented, is done so in coordination between various institutional actors. Such a policy framework should be in place by summer 2010, the authors say, in order to avoid a buildup of financial instability during the process.

Suggested Citation

  • Jürgen von Hagen & Jean Pisani-Ferry & Jakob von Weizsäcker, 2009. "A European Exit Strategy," Policy Briefs 328, Bruegel.
  • Handle: RePEc:bre:polbrf:328

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    References listed on IDEAS

    1. Valerie Cerra & Sweta Chaman Saxena, 2008. "Growth Dynamics: The Myth of Economic Recovery," American Economic Review, American Economic Association, vol. 98(1), pages 439-457, March.
    2. Philippe Aghion & Alan Ahearne & Marek Belka & Lars Heikensten & Jean Pisani-Ferry & André Sapir & Jürgen von Hagen, . "Coming of age: report on the euro area," Blueprints, Bruegel, number 11, August.
    3. Jean Pisani-Ferry & Bruno van Pottelsberghe, 2009. "Handle with care! Post-crisis growth in the EU," Policy Briefs 301, Bruegel.
    4. Jürgen von Hagen & Andrew Hughes Hallett & Rolf Strauch, 2001. "Budgetary Consolidation in EMU," European Economy - Economic Papers 2008 - 2015 148, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    Cited by:

    1. Daniel Daianu, 2010. "L’Union économique et monétaire : l’entrée dans une ère de moindres espérances et d’incertitudes grandissantes," Revue d'Économie Financière, Programme National Persée, vol. 96(1), pages 145-161.
    2. repec:dau:papers:123456789/4806 is not listed on IDEAS
    3. Catherine Mathieu & Henri Sterdyniak, 2010. "European Debt Crisis and Fiscal Exit Strategies," Sciences Po publications 2010-11, Sciences Po.

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