Macro economic trade-offs in the euro area

Georg Feigl, Markus Marterbauer, Miriam Rehm, Matthias Schnetzer, Sepp Zuckerstätter, Lars Nørvang Andersen, Thea Nissen, Signe Dahl, Peter Hohlfeld, Benjamin Lojak, Thomas Theobald, Achim Truger, Andrew Watt, Guillaume Allègre (), Céline Antonin, Christophe Blot (), Jerome Creel, Bruno Ducoudré, Paul Hubert (), Sabine Lebayon, Sandrine Levasseur, Hélène Périvier (), Raul Sampognaro (), Aurélien Saussay (), Vincent Touzé and Sébastien Villemot
Additional contact information
Lars Nørvang Andersen: Aarhus University [Aarhus]
Christophe Blot: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Paul Hubert: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Hélène Périvier: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Raul Sampognaro: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po
Aurélien Saussay: OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po

PSE-Ecole d'économie de Paris (Postprint) from HAL

Abstract: The last year Report of the Five Presidents highlighted the necessity of progress in the EU in four directions: achieving "a genuine Economic Union, (…) a Financial Union, (…) a Fiscal Union, (and) a Political Union". The associated roadmap for completing the EMU includes a greater focus on employment, a better implementation of the Macroeconomic Imbalance Procedure, a better assessment of fiscal stance and fiscal sustainability, the completion of the Banking Union and the launch of a Capital Markets Union. They thus pointed to a very large set of ambitions which renewed the debate about the consistency of existing 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal and competitiveness issues. This roadmap raises an important question: is it possible within the given institutional setting to close the unemployment gap (the difference between actual and natural rates of unemployment), that is to say increase the "well-being of the peoples" (Art. 3 TEU) in a sustainable way, achieve public finance sustainability, reduce macro imbalances, and ensure the liquidity and solvency of financial institutions and other objectives at the same moment?

Keywords: European Union; Economic Union; Fiscal Union (search for similar items in EconPapers)
Date: 2016-12
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03469896v1
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Published in Revue de l'OFCE, 2016, IAGS 2017, pp.129 - 171

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Related works:
Working Paper: Macro economic trade-offs in the euro area (2016)
Working Paper: Macro economic trade-offs in the euro area (2016)
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