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On the Tasks of the European Stability Mechanism

Author

Listed:
  • Peirce, Fabrizia
  • Micossi, Stefano
  • Carmassi, Jacopo

Abstract

At its forthcoming spring meeting, on March 24th-25th, the European Council will consider a comprehensive package of measures that can open a new age of European economic governance: one that is truly collective; capable of enforcing economic policy coordination and preventing the build-up of unsustainable imbalances in government as well as private balance sheets; and backed up by credible, quasi-automatic sanctions for any member state posing a threat to collective stability. This CEPS Policy Brief aims to contribute to Council deliberations first by clarifying the proper role of EU financial assistance to member states confronted with sovereign debt crises and second, by outlining the tasks that the new European Stability Mechanism (ESM) should be able to perform in order to put in place an effective and credible crisis management system for both the eurozone and the European Union.

Suggested Citation

  • Peirce, Fabrizia & Micossi, Stefano & Carmassi, Jacopo, 2011. "On the Tasks of the European Stability Mechanism," CEPS Papers 4262, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:4262
    as

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    File URL: http://www.ceps.eu/system/files/book/2011/03/PB%20No%20235%20Micossi%20et%20al%20on%20the%20ESM.pdf
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    References listed on IDEAS

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    Cited by:

    1. repec:ces:ifodic:v:9:y:2011:i:3:p:16752090 is not listed on IDEAS
    2. Paul De Grauwe, 2014. "The Governance of a Fragile Eurozone," World Scientific Book Chapters, in: Exchange Rates and Global Financial Policies, chapter 12, pages 297-320, World Scientific Publishing Co. Pte. Ltd..
    3. Paul De Grauwe, 2011. "Managing a Fragile Eurozone," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(02), pages 40-45, July.
    4. repec:ces:ifodic:v:9:y:2011:i:3:p:26-30 is not listed on IDEAS
    5. Paul De Grauwe, 2012. "A Fragile Eurozone in Search of a Better Governance," The Economic and Social Review, Economic and Social Studies, vol. 43(1), pages 1-30.
    6. Christiane Kment & Isabella Lindner, 2014. "The EU’s Reformed Institutional Framework and the Way Forward," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 12-32.
    7. Stephan Schulmeister, 2013. "The European Monetary Fund. A systemic problem needs a systemic solution," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(1), pages 389-424.
    8. David Howarth & Lucia Quaglia, 2014. "The Steep Road to European Banking Union: Constructing the Single Resolution Mechanism," Journal of Common Market Studies, Wiley Blackwell, vol. 52, pages 125-140, November.
    9. Paul De Grauwe, 2011. "Financial Assistance in the Euro Zone: Why and How?," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(03), pages 26-30, October.
    10. Paul De Grauwe, 2011. "Financial Assistance in the Euro Zone: Why and How?," CESifo DICE Report, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 9(3), pages 26-31, October.

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