Stagflation and fragmentation: The euro area at the crossroad

Pierpaolo Benigno, Paolo Canofari, Giovanni Di Bartolomeo () and Marcello Messori

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Abstract: The euro area is facing potential financial market fragmentation amid high inflation. We discuss two strategic responses: applying for European Stability Mechanism aid or strengthening a central fiscal capacity with country-specific rules. Each path suggests distinct EU architectural outcomes.

Keywords: euro area; stagflation; financial fragmentation; European Stability Mechanism; fiscal policy (search for similar items in EconPapers)
JEL-codes: E63 F45 H63 (search for similar items in EconPapers)
Date: 2022-12
New Economics Papers: this item is included in nep-cba and nep-eec
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Persistent link: https://EconPapers.repec.org/RePEc:ter:wpaper:00157

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