The Time is right for a European Monetary Fund

Improving global governance
Posted Nov 14, 2017 | Bruegel, Grégory Claeys

This brief by Grégory Claeys for Bruegel highlights the institutional flaws of the single currency revealed by the euro crisis and the reforms put in place during and after the crisis; and evaluates the fragility of the architecture of the European monetary union. To achieve a more resilient monetary union, the author proposes: the formation of a ‘financing union’ through the completion of the banking union and the promotion of a capital markets union to provide private risk sharing between the countries of the monetary union; and improvement to a defective macroeconomic policy framework to avoid a repeat of the mistakes of recent years.[SC1] 


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