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Reengineering EMU for an Uncertain World

  • Angel Ubide

    ()

    (Peterson Institute for International Economics)

The euro area crisis has probably passed the acute phase, but it has entered a chronic and unstable phase of fractured credit markets, too high funding costs, very weak growth, and dim expectations. More austerity and reforms at the national level alone will not be enough to stabilize the euro area. To ensure its sustainability, the euro area needs to be reengineered to restore political solidarity, end the debate on default and exit, strengthen its institutions and launch eurobonds, and refocus cyclical policies towards stabilizing the business cycle. Without these steps, the euro will never be a credible and sustainable monetary union.

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Paper provided by Peterson Institute for International Economics in its series Policy Briefs with number PB13-4.

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Date of creation: Feb 2013
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Handle: RePEc:iie:pbrief:pb13-4
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  1. Nicolas VĂ©ron, 2012. "Europe's Single Supervisory Mechanism and the Long Journey Towards Banking Union," Policy Briefs PB12-24, Peterson Institute for International Economics.
  2. C. Randall Henning & Martin Kessler, 2012. "Fiscal Federalism: US History for Architects of Europe's Fiscal Union," Working Paper Series WP12-1, Peterson Institute for International Economics.
  3. Demirguc-Kunt, Asli & Karacaovali, Baybars & Laeven, Luc, 2005. "Deposit insurance around the world : a comprehensive database," Policy Research Working Paper Series 3628, The World Bank.
  4. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
  5. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis," Policy Briefs PB12-1, Peterson Institute for International Economics.
  6. Martina Cecioni & Giuseppe Ferrero, 2012. "Determinants of TARGET2 imbalances," Questioni di Economia e Finanza (Occasional Papers) 136, Bank of Italy, Economic Research and International Relations Area.
  7. Agnes Belaisch & Joaquim Vieira Ferreira Levy & Laura E. Kodres & Angel J. Ubide, 2001. "Euro-Area Banking At the Crossroads," IMF Working Papers 01/28, International Monetary Fund.
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