The euro in the time of covid-19

L'euro au temps du covid-19

Hubert Kempf ()

Working Papers from HAL

Abstract: The covid-19 crisis in the first semester of 2020 makes even more apparent the institutional fragilities of the euro zone. The principles on which the Maastricht treaty relies, already under attack in the sovereign debt crisis, prove utterly inadequate. The absence of a common fiscal capacity compels the ECB once again to monetize public debts which challenges its mandate. Given this dangerous situation, this paper pleads for the setting up of an institutional capacity to emit public debt by the European commission. This option is preferable to the mutualisation of national debts (eurobonds), reinforces the European construction and sustains the international role of the euro.

Date: 2020-04-23
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