Will the reform of the institutional framework restore fiscal stability in the eurozone?

Fuest, Clemens (2011) Will the reform of the institutional framework restore fiscal stability in the eurozone? In: CFS Research Conference: The ECB and its Watchers XIII, 10 June 2011, Frankfurt, Germany. (Unpublished)

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Abstract

The key challenge for the fiscal reform of the eurozone is not better fiscal policy coordination or supervision. It is this:
• Make sure that the financial sector can absorb a sovereign
bankruptcy without a financial meltdown. This requires much
tighter regulation, more effective supervision, continued access of banks to ECB refinancing in the event of a sovereign restructuring. For a transitional period, this also requires an ESM type 'rescue' institution.
• The current fiscal reform package fails to deliver this.

Item Type: Conference or Workshop Item (Speech)
Keywords: European Economic and Monetary Union; Financial crisis; Economic policy coordination
Subject(s): Taxation
Centre: Oxford University Centre for Business Taxation
Date Deposited: 01 Feb 2012 20:52
Last Modified: 23 Oct 2015 14:07
URI: http://eureka.sbs.ox.ac.uk/id/eprint/2805

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