We Don’t Need No Institution What the Eurozone requires is not a treasury but a common fiscal policy. Bertelsmann Stiftung Policy Brief 06 February 2020

Guttenberg, Lucas (2020) We Don’t Need No Institution What the Eurozone requires is not a treasury but a common fiscal policy. Bertelsmann Stiftung Policy Brief 06 February 2020. [Policy Paper]

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Abstract

Does the Eurozone need a “treasury”? The answer is no: The Eurozone needs a common fiscal policy to complement the ECB’s monetary policy. But it does not need a new institution to take fiscal policy decisions or to execute such decisions. The EU institutional framework is well-equipped to perform these functions. Hence, the focus of political energy should be on getting the right policies and instruments in place, not on building new shiny institutions

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