How to fix Europe’s monetary union: Views of leading economists

Richard Baldwin, Francesco Giavazzi 12 February 2016



About the contributors


Richard Baldwin and Francesco Giavazzi

Part 1: Complete reform plans

Minimal conditions for the survival of the euro
Barry Eichengreen and Charles Wyplosz

Maastricht 2.0: Safeguarding the future of the Eurozone
Lars P. Feld, Christoph M. Schmidt, Isabel Schnabel and Volker Wieland

A sovereignless currency
Agnès Bénassy-Quéré

The Eurozone’s Zeno paradox – and how to solve it
Jean Pisani-Ferry

Part 2: Focusing on completing the Banking Union, and financial markets

Completing the Banking Union
Daniel Gros

Safeguarding the euro – balancing market discipline with certainty
Thorsten Beck

The EZ Crisis: What went wrong with the European financial integration?
Sebnem Kalemli-Ozcan

Part 3: Focusing on fiscal and monetary policy

Building common fiscal policy in the Eurozone
Guido Tabellini

Rebooting Europe: Closer fiscal cooperation needed
Christopher Pissarides

How to reboot the Eurozone and ensure its long-term survival
Paul De Grauwe and Yuemei Ji

Policies and institutions for managing the aggregate macroeconomic stance of the Eurozone
Giancarlo Corsetti, Matthew Higgins and Paolo Pesenti

Asymmetries and Eurozone policymaking
Tommaso Monacelli

ECB in Eurozone policymaking: Going forward
Refet S. Gürkaynak

Part 4: Focusing on structural and institutional reform

The Eurozone needs less heterogeneity
André Sapir

Balance-of-payments adjustment in the Eurozone
Stefano Micossi

Needed: A European institutional union
Elias Papaioannou

Part 5: Dealing with legacy debt

The way forward: Coping with the insolvency risk of member states and giving teeth to the European Semester
Peter Bofinger

Epilogue: Future history – how the crisis might have been handled

How the Euro Crisis was successfully resolved
Barry Eichengreen and Charles Wyplosz

Professor of International Economics at The Graduate Institute, Geneva; Founder & Editor-in-Chief of; exPresident of CEPR

Emeritus professor, Bocconi University; CEPR Research Fellow


CEPR Policy Research