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The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules

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  • Mario Tonveronachi

Abstract

Mario Tonveronachi, University of Siena, builds on his earlier proposal (The ECB and the Single European Financial Market) to advance financial market integration in Europe through the creation of a single benchmark yield curve based on debt certificates (DCs) issued by the European Central Bank (ECB). In this policy brief, Tonveronachi discusses potential changes to the ECB's operations and their implications for member-state fiscal rules. He argues that his DC proposal would maintain debt discipline while mitigating the restrictive, counterproductive fiscal stance required today, simultaneously expanding national fiscal space while ensuring debt sustainability under the Maastricht limits, and offering a path out of the self-defeating policy regime currently in place.

Suggested Citation

  • Mario Tonveronachi, 2015. "The ECB, the Single Financial Market, and a Revision of the Euro Area Fiscal Rules," Economics Public Policy Brief Archive ppb_140, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_140
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    File URL: http://www.levyinstitute.org/pubs/ppb_140.pdf
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    References listed on IDEAS

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    1. Jan Kregel, 2014. "Wright Patman's Proposal to Fund Government Debt at Zero Interest Rates: Lessons for the Current Debate on the US Debt Limit," Economics Policy Note Archive 14-2, Levy Economics Institute.
    2. Mario Tonveronachi, 2014. "The ECB and the Single European Financial Market: A Proposal to Repair Half of a Flawed Design," Economics Public Policy Brief Archive ppb_137, Levy Economics Institute.
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    Cited by:

    1. Arne Hansen & Dirk Meyer, 2021. "EZB-Schuldverschreibungen — neue Verwendung für ein altes Instrument? [ECB Debt Certificates — New Use for an Old Instrument?]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(9), pages 732-739, September.
    2. Schilirò, Daniele, 2016. "Rules, Imbalances and Growth in the Eurozone," MPRA Paper 75641, University Library of Munich, Germany.

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