The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules

Mario Tonveronachi

Economics Public Policy Brief Archive from Levy Economics Institute

Abstract: Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a single benchmark yield curve based on debt certificates (DCs) issued by the European Central Bank (ECB). In this policy brief, Tonveronachi discusses potential changes to the ECB's operations and their implications for member-state fiscal rules. He argues that his DC proposal would maintain debt discipline while mitigating the restrictive, counterproductive fiscal stance required today, simultaneously expanding national fiscal space while ensuring debt sustainability under the Maastricht limits, and offering a path out of the self-defeating policy regime currently in place.

Date: 2015-11
New Economics Papers: this item is included in nep-eec, nep-mac, nep-mon and nep-pke
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