Bretton Woods, Brussels, and Beyond: Redesigning the Institutions of Europe

Nauro Campos, Jan-Egbert Sturm 29 May 2018

Economists have discussed extensively what to do to reform the European Project and how, but have been broadly silent on who and when. Which institutions and rules are needed, and when? This eBook shows that such institutional questions, although seldomly raised, are of fundamental importance for the future of European integration.

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Table of contents

Foreword

Acknowledgements

Preface
Charles Wyplosz

1 Europe's future: The value of an institutional economics perspective
Nauro F. Campos and Jan-Egbert Sturm

Part I: Bretton Woods and European integration

2 What modern Europe can learn from Bretton Woods
Harold James

3 Political influences in IMF and World Bank operations: Lessons for the design of European institutions
Axel Dreher

4 The economic benefits from European integration: Lessons from the UK's EU sojourn
Nicholas Crafts

5 European Economic and Monetary Union: Past performance and future returns
Giuseppe Bertola

6 A critical perspective on future European integration
Harald Badinger

Part II: European institutions

7 The changing battle lines in the European Parliament
Simon Hix, Abdul Noury and Gerard Roland

8 Institutions and convergence in Europe: The case of Structural Funds
Sascha O. Becker, Peter H. Egger, and Maximilian von Ehrlich

9 An institutional innovation in the euro debt crisis: The ESM
Kari Korhonen

Part III: Financial institutions and labour mobility

10 The real costs of financial disintegration
Isabel Schnabel and Christian Seckinger

11 Shocks and risk sharing in the EMU: Lessons for Banking and Capital Market Union
Mathias Hoffmann, Egor Maslov, Bent E. Sorensen and Iryna Stewen

12 Austerity and migration in Europe
Christopher House, Christian Proebsting, and Linda Tesar

13 Labour mobility and the European Project
Davide Furceri and Prakash Loungani

Part IV: Monetary and fiscal union

14 The case for more fiscal risk sharing and coordination of fiscal and monetary policy
Jakob de Haan and Patrick Kosterink

15 Financial engineering will not stabilise an unstable euro area
Paul De Grauwe and Yuemei Ji

16 A euro area fiscal architecture
Phillipe Martin

17 The need for a fiscal capacity
Lars P. Feld

Part V: Redesigning euro area institutions

18 The European Monetary Fund and the euro experiment
Xavier Vives

19 Reforming Europe, the role of trust, and the cost of doing nothing
Clemens Fuest

Nauro Campos

Director of the UCL Centre for Comparative Economics, Professor in Economics, University College London and Research Professor at ETH-Zürich

Jan-Egbert Sturm

Professor of Applied Macroeconomics and Director of the KOF Swiss Economic Institute, ETH Zurich

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