Proposal for a Stabilisation Fund for the EMU
This paper argues that it should be possible to complement Europe’s Economic and Monetary Union with an insurance-type shock absorption mechanism to increase the resilience of member countries to economic shocks and reduce output volatility. Such a mechanism would neither require the establishment of a central authority, nor would it lead to permanent transfers between countries. For this mechanism to become a reality, however, it would be necessary to overcome certain technical problems linked to the difficulty of anticipating correctly the position of an economy in the business cycle.
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- Paul de Grauwe, 2013.
"Design Failures in the Eurozone: Can they be fixed?,"
Europe in Question Discussion Paper Series of the London School of Economics (LEQs)
7, London School of Economics / European Institute.
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