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Reengineering EMU for an Uncertain World

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  • Angel Ubide

    () (Peterson Institute for International Economics)

Abstract

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.

Suggested Citation

  • Angel Ubide, 2013. "Reengineering EMU for an Uncertain World," Policy Briefs PB13-4, Peterson Institute for International Economics.
  • Handle: RePEc:iie:pbrief:pb13-4
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    File URL: https://piie.com/publications/policy-briefs/reengineering-emu-uncertain-world
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    References listed on IDEAS

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    1. 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.
    2. Nicolas Véron, 2012. "Europe's single supervisory mechanism and the long journey towards banking union," Policy Contributions 752, Bruegel.
    3. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis," Policy Briefs PB12-1, Peterson Institute for International Economics.
    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. Agnes A 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.
    6. C. Randall HENNING & Martin KESSLER, 2012. "Fiscal Federalism: US History for Architects of Europe’s Fiscal Union," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 6, pages 1-31.
    7. 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.
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    Cited by:

    1. Schilirò, Daniele, 2013. "Changes in the Eurozone governance after the crisis and the issue of growth," MPRA Paper 51458, University Library of Munich, Germany.
    2. Daniele Schiliro, 2014. "Changes in Eurozone Governance after the Crisis and the Issue of Growth," International Journal of Social Science Studies, Redfame publishing, vol. 2(2), pages 110-119, April.
    3. Angel Ubide, 2014. "Is the European Central Bank Failing Its Price Stability Mandate?," Policy Briefs PB14-5, Peterson Institute for International Economics.

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