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The Eurozone’s Private and Governmental Shock Absorbers: Current Setup and Future Prospects

In: The Euro and the Crisis

Author

Listed:
  • Nazaré Costa Cabral

    (Lisbon University
    Lisbon University
    Alameda da Universidade)

Abstract

In this chapter, the author analyses the two main types of shock absorbers—private and governmental shock absorbers—that have been proposed after the 2007–2008 financial crisis, even though in some cases their theoretical origins are not new. As for private shock absorbers that imply the reinforcement of ‘market forces’ within the E(M)U, the author indicates certain measures that intend either to ensure the completion of the internal market or to address sectorial market fragmentation, as it is the case of the creation of the Banking Union. As for governmental shock absorbers, the author then distinguishes between macro stabilizing measures that can be implemented outside the EU’s budget (e.g. the creation of a new ‘Debt Agency’ or the institution of a new ‘European unemployment insurance scheme’) and those measures that can be adopted through the EU’s budget. In this latter case, within the current set of (tax) revenues and expenditures, the EU budget might evolve to embrace some stabilization properties, even if significant changes in the design of tax assignment criteria and of funds allocation rules should be required.

Suggested Citation

  • Nazaré Costa Cabral, 2017. "The Eurozone’s Private and Governmental Shock Absorbers: Current Setup and Future Prospects," Financial and Monetary Policy Studies, in: Nazaré da Costa Cabral & José Renato Gonçalves & Nuno Cunha Rodrigues (ed.), The Euro and the Crisis, pages 249-269, Springer.
    • Handle: RePEc:spr:fimchp:978-3-319-45710-9_15
    DOI: 10.1007/978-3-319-45710-9_15
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    More about this item

    Keywords

    The Euro crisis; Private shock absorbers; Governmental shock absorbers; Visible and invisible stabilization mechanisms;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures

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