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Contractual arrangements: the overlooked step towards a fiscal union. European Policy Brief No. 18, December 2013

Bosch, Xavier Vanden (2013) Contractual arrangements: the overlooked step towards a fiscal union. European Policy Brief No. 18, December 2013. [Policy Paper]

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    Abstract

    ‘Contractual arrangements’ were proposed as an initial step towards a fiscal union that would consolidate the EMU. At this stage, the debate should be centred on the cornerstone of these contracts: the solidarity mechanism. The form of the financial support should not be limited to loans, and include the possibility for grants. Only the countries with the greatest adjustment needs should benefit from the financial support of other countries. This solidarity could be justified in principle by the intensity of the ‘shocks’ they experienced. In this way, contractual arrangement would facilitate the completion of the necessary adjustment in the current crisis – thanks both to more structural reforms and more mutual support within the eurozone.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Egmont : Royal Institute for International Affairs > European Policy Briefs
    Depositing User: Unnamed user with email kms214@pitt.edu
    Official EU Document: No
    Language: English
    Date Deposited: 29 Apr 2015 20:36
    Number of Pages: 7
    Last Modified: 29 Apr 2015 20:36
    URI: http://aei.pitt.edu/id/eprint/63541

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