Fiscal and financial conditions for a stronger euro area

Vítor Constâncio
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Vítor Constâncio: Lisbon School of Economics and Management, University of Lisbon, Portugal

European Journal of Economics and Economic Policies: Intervention, 2020, vol. 17, issue 2, 183-193

Abstract: The euro is irreversible but it needs reform to address well-known design deficiencies and also new challenges. Although progress has been made, further steps are needed, the most important of which are: revision of the fiscal rules, establishing a central stabilisation capacity, and completing the banking union (especially a deposit insurance, a capital market union based around a common safe asset, and improved macroprudential policy). This article sets out the necessary reforms in these areas in detail.

Keywords: EMU reform; fiscal rules; Stability and Growth Pact; European safe asset (search for similar items in EconPapers)
JEL-codes: E02 E50 E60 O52 (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:17:y:2020:i:2:p183-193

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