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Fiscal Risk Sharing and Stabilization in the EMU

In: Managing Risks in the European Periphery Debt Crisis

Author

Listed:
  • Kerstin Bernoth
  • Philipp Engler

Abstract

With the crisis in the euro area, the issue of the monetary union’s institutional structure has gained in significance. One problem with regard to the longer-term stability of the euro area is the absence of mechanisms to adequately absorb asymmetric cyclical shocks in the individual member states. Such an instrument is essential in order to be able to implement a single monetary policy suitable for all countries. Consequently, the European Monetary Union (EMU) should be equipped with an economic transfer mechanism1 — for instance, in the form of common unemployment insurance. This is not an instrument to solve the current crisis, but rather to provide greater stability to the EMU in the medium and long term.

Suggested Citation

  • Kerstin Bernoth & Philipp Engler, 2015. "Fiscal Risk Sharing and Stabilization in the EMU," Palgrave Macmillan Books, in: George Christodoulakis (ed.), Managing Risks in the European Periphery Debt Crisis, chapter 9, pages 148-162, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30495-7_9
    DOI: 10.1057/9781137304957_9
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    Cited by:

    1. Matthaei, Stephan & Stähler, Nikolai, 2016. "Macroeconomic implications of the German financial equalization system," VfS Annual Conference 2016 (Augsburg): Demographic Change 145695, Verein für Socialpolitik / German Economic Association.

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