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Strengthening Europe. Piecemeal Institutional Engineering in Times of Turmoil

W. Moesen

Review of Business and Economic Literature, 2011, vol. 56, issue 4, 442-454

Abstract: Turbulent times may be conducive to take significant steps forward for Europe. The starting point of this paper is an objective assessment of the fiscal vulnerability of the major European countries. Using the PWC composite indicator and a ranking for the sustainability of the public finances, it appears that the sequence of the actual problematic countries correlates well with this ranking. Subsequently, we discuss various alternatives for strengthening the Eurozone. We argue that the support for eurobonds should go together with a strengthening of economic governance. Moreover we favor Pigouvian taxes as own resources for the EU-budget. Inspiring examples are a financial transaction tax and an air aviation tax.

Date: 2011
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Handle: RePEc:sen:rebelj:v:56:i:4:y:2011:p:442-454