Arbeitspapier
Weathering the Crisis and Beyond: Perspectives for the Euro Area
The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects in the euro area periphery. To make matters even worse, these problems have developed into a systemic crisis of the European Monetary Union (EMU), since observers have apparently developed fundamental doubts over its integrity. To overcome this systemic crisis, it would not be sufficient, if only the stronger euro area economies provided more solidarity, nor would it be sufficient, if only all of Europe adhered to ironclad budgetary discipline from now on. A European Redemption Pact could be a strong political commitment to the EMU and offer a bridge between the proponents of fiscal discipline and structural reform and those governments advocating for more support. This pact would entail two indispensable aspects, the codification of a credible and coherent reform path and a temporary and limited instrument for joint refinancing.
- ISBN
-
978-3-86788-464-8
- Language
-
Englisch
- Bibliographic citation
-
Series: Ruhr Economic Papers ; No. 409
- Classification
-
Wirtschaft
Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Financial Institutions and Services: Government Policy and Regulation
Remittances
- Subject
-
Euro crisis
governance of the euro area
debt sustainability
financial market regulation
European redemption pact
- Event
-
Geistige Schöpfung
- (who)
-
Schmidt, Christoph M.
Weigert, Benjamin
- Event
-
Veröffentlichung
- (who)
-
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (where)
-
Essen
- (when)
-
2013
- DOI
-
doi:10.4419/86788464
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Schmidt, Christoph M.
- Weigert, Benjamin
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Time of origin
- 2013
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