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The Euro area's macroeconomic balancing act

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  • Guntram B. Wolff

Abstract

The European Systemic Risk Board (ESRB) and the proposed prevention and correction of macroeconomic imbalances regulation (EIP) are designed to avoid imbalances. However, these instruments overlap, and need clarification.Both the ESRB and the Commission, which is given certain powers by the EIP, must identify and act early on risks. Acting in the face of strong economic and political pressure is difficult. Complementing the current approach with transparent and rules-based mechanisms...

Suggested Citation

  • Guntram B. Wolff, 2011. "The Euro area's macroeconomic balancing act," Policy Contributions 555, Bruegel.
    • Handle: RePEc:bre:polcon:555
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    References listed on IDEAS

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    1. Setzer, Ralph & van den Noord, Paul & Wolff, Guntram B., 2011. "Heterogeneity in money holdings across euro area countries: The role of housing," European Journal of Political Economy, Elsevier, vol. 27(4), pages 764-780.
    2. Hyun Song Shin, 2011. "Macroprudential policies beyond Basel III," BIS Papers chapters, in: Bank for International Settlements (ed.), Macroprudential regulation and policy, volume 60, pages 5-15, Bank for International Settlements.
    3. Jean Pisani-Ferry & Jakob von Weizsäcker, 2009. "Can A Less Boring ECB Remain Accountable?," Policy Contributions 326, Bruegel.
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    Cited by:

    1. Nicolas Veron & Guntram B. Wolff, 2013. "From Supervision to Resolution: Next Steps on the Road to European Banking Union," Policy Briefs PB13-5, Peterson Institute for International Economics.
    2. Kevin Aslett & James Caporaso, 2016. "Breaking up Is Hard to Do: Why the Eurozone Will Survive," Economies, MDPI, vol. 4(4), pages 1-16, October.

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