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.
|Date of creation:||Oct 2013|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (+322) 229-39-11
Fax: (+322) 229-39-71
Web page: http://www.ceps.euEmail:
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR;CES;MSH, vol. 13(26), pages 205-259, 04.
- Paul de Grauwe, 2013. "Design Failures in the Eurozone: Can they be fixed?," LEQS – LSE 'Europe in Question' Discussion Paper Series 57, European Institute, LSE.
- Michael D. Bordo & Agnieszka Markiewicz & Lars Jonung, 2011.
"A Fiscal Union for the Euro: Some Lessons from History,"
NBER Working Papers
17380, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Lars Jonung & Agnieszka Markiewicz, 2013. "A Fiscal Union for the Euro: Some Lessons from History ," CESifo Economic Studies, CESifo, vol. 59(3), pages 449-488, September.
- Davide Furceri & Aleksandra Zdzienicka, 2013. "The Euro Area Crisis; Need for a Supranational Fiscal Risk Sharing Mechanism?," IMF Working Papers 13/198, International Monetary Fund.
- Paul de Grauwe, 2013. "Design Failures in the Eurozone - can they be fixed?," European Economy - Economic Papers 491, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
When requesting a correction, please mention this item's handle: RePEc:eps:cepswp:8494. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Margarita Minkova)
If references are entirely missing, you can add them using this form.