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A policymaker's guide to a Euro area stabilization fund

Author

Listed:
  • Etienne Farvaque

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Florence Huart

    (EQUIPPE - Economie Quantitative, Intégration, Politiques Publiques et Econométrie - Université de Lille, Sciences et Technologies - Université de Lille, Sciences Humaines et Sociales - PRES Université Lille Nord de France - Université de Lille, Droit et Santé, LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - ULCO - Université du Littoral Côte d'Opale - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

Abstract

In 2012, several reports were published advocating the creation of a genuine fiscal capacity at the European level, to strengthen the foundations of the Economic and Monetary Union (EMU) by helping member countries to adjust to asymmetric shocks. The design of a common stabilization fund should be well thought, though: what would be stabilized? When would transfers be paid? Would they be directed towards governments or individuals? How would they be financed? And would they help stabilize economies? We address these questions by outlining recent existing proposals, their features and their simulated stabilization effects. We finally underline the difficulties in implementing such a scheme.

Suggested Citation

  • Etienne Farvaque & Florence Huart, 2016. "A policymaker's guide to a Euro area stabilization fund," Post-Print hal-01526022, HAL.
    • Handle: RePEc:hal:journl:hal-01526022
    DOI: 10.1007/s40888-016-0038-y
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    Cited by:

    1. Roel Beetsma & Simone Cima & Jacopo Cimadomo, 2021. "Fiscal Transfers without Moral Hazard?," International Journal of Central Banking, International Journal of Central Banking, vol. 17(3), pages 95-153, September.
    2. 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.
    3. Badarau, Cristina & Huart, Florence & Sangaré, Ibrahima, 2021. "Macroeconomic and policy implications of eurobonds," International Review of Law and Economics, Elsevier, vol. 65(C).
    4. Beetsma, Roel & Cimadomo, Jacopo & van Spronsen, Josha, 2024. "One scheme fits all: A central fiscal capacity for the EMU targeting eurozone, national and regional shocks," European Economic Review, Elsevier, vol. 165(C).
    5. Luigi Bonatti & Andrea Fracasso, 2017. "Addressing the Core-Periphery Imbalances in Europe: Resource Misallocation and Expansionary Fiscal Policies," EconPol Working Paper 6, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    6. Ad Riet, 2024. "The rise of common public debt in Europe: a new chapter in fiscal integration?," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(2), pages 617-638, July.

    More about this item

    Keywords

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    JEL classification:

    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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