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Is the EMU ready for future shocks? An overview of available backstops. European Policy Brief No. 20, March 2014

Bosch, Xavier Vanden (2014) Is the EMU ready for future shocks? An overview of available backstops. European Policy Brief No. 20, March 2014. [Policy Paper]

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    Abstract

    In recent years much has been accomplished to make the EMU more resilient to banking crises, sovereign-debt crises or balance-of-payment crises. Several ‘backstops’ or financial safety nets were progressively put in place to absorb the shocks that could have otherwise broken the EMU as a system. These substantial advances reflected a gradual, trial-and-error approach rather than a grand design that would have completely overhauled the EMU architecture. While flexibility and realism have advantages, complacency is a clear risk. With no roadmap to follow, efforts to complete the architecture of the EMU may fade with time. Maintaining a sense of direction is crucial while potential vulnerabilities remain.

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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
    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: 23 Apr 2015 12:00
    Number of Pages: 8
    Last Modified: 23 Apr 2015 12:00
    URI: http://aei.pitt.edu/id/eprint/63543

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