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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- Davide Furceri & Aleksandra Zdzienicka, 2015.
"The Euro Area Crisis: Need for a Supranational Fiscal Risk Sharing Mechanism?,"
Open Economies Review,
Springer, vol. 26(4), pages 683-710, September.
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- Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 205-259, 04. Full references (including those not matched with items on IDEAS)
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