Thinking beyond a fiscal union
Janis A. Emmanouilidis, Fabian Zuleeg
The EU and the euro countries in particular are gradually moving towards a fiscal union. But will the new 'fiscal compact', which adds to an already very complex crisis recipe, prove to be enough to manage and eventually overcome the crisis?
This Commentary by Janis A. Emmanouilidis and Fabian Zuleeg argues that it will not be sufficient. However, the new intergovernmental agreement might still be a significant milestone.
Steps towards establishing a 'fiscal union' may not only convince and enable the European Central Bank (ECB) to act as a temporary 'buyer of last resort', but also prepare the political ground for two major innovations: the need to balance austerity and growth in the framework of a 'New Deal', and the introduction of some form of (temporary) debt collateralisation.
PDF download available here.
Differentiated EUrope 2035 – Infographic
Janis A. Emmanouilidis, Infographic based on EU IDEA Policy Paper No. 16, Brussels 10/2021
Differentiated EUrope 2035 – video
Janis A. Emmanouilidis, Video based on EU IDEA Policy Paper No. 16, Brussels 10/2021
The debate on the future of Europe has a German problem
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Differentiated EUrope 2035 – Elaboration and Evaluation of Five Potential Scenarios
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The age of permacrisis
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Europe in the age of permacrisis
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Conference on the Future of Europe – Mind the Gaps!
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Deutschland in der EU
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COVID19: Lessons form the 'euro crisis'
Janis A. Emmanouilidis and Fabian Zuleeg, EPC Discussion Paper, Brussels 04/2020