The Role Of Eu Unemployment Reinsurance System For Stronger Fiscal Integration In The Euro Area

Aleš Trunk and Igor Stubelj
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Aleš Trunk: International School for Social and Business Studies, Slovenia
Igor Stubelj: University of Primorska, Slovenia

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Abstract: In particular, during the period of recession, the EU needs mechanisms that act as automatic stabilizers. Given the many EU-wide agreements and contracts that emphasize solidarity and social and economic cohesion, the reinsurance system for the event of unemployment in the EU (RSUEU) would be a good solution both for reducing asymmetric financial and economic shocks, as well as for economic integration between members. Since 2008, there has been an increase of disparity in the level of unemployment among EU countries and age groups. Boeri and Jimeno (2016) argue that the reason for these differences is related to the labour market institutions, especially considering the interaction of the latter with the scale and nature of the shocks in the context of major recession and the Eurozone debt crisis. The authors also argue that by introducing such a reinsurance system for the event of unemployment, the EU would get the first joint institution. They argue that without common institutions, the EU cannot be a federation of countries, such as, for example, USA.

Keywords: unemployment reinsurance; fiscal integration; labour market; EURO area (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:tkp:mklp19:569-573

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