A more stable EMU does not require a central fiscal capacity
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| Publication date | 30-11-2018 |
| Publisher | VoxEU |
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| Abstract | A central fiscal capacity is a recurring topic in discussions on reform of the Economic and Monetary Union, but no consensus on the usefulness and necessity of a such a capacity has been reached. This column, part of the Vox debate on euro area reform, argues that the potential stability benefits of a central fiscal capacity can be achieved through stronger financial market risk sharing and more effective use of fiscal stabilisers, without any additional fiscal risk sharing. |
| Document type | Web publication or website |
| Language | English |
| Published at | https://voxeu.org/article/more-stable-emu-does-not-require-central-fiscal-capacity |
| Downloads |
more stable EMU does not require a central fiscal capacity VOX, CEPR Policy
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