Reinforcing the Eurozone and Protecting an Open Society

Giancarlo Corsetti, Lars Feld, Ralph Koijen, Lucrezia Reichlin, Ricardo Reis, Hélène Rey, Beatrice Weder di Mauro 25 May 2016



Table of Contents

About the Authors   
Executive Summary 

Introduction: A critical juncture for the Eurozone and the European Union 

1.    A sovereign debt restructuring regime for the Eurozone 

2.    The steady-state financial regime: Delinking the banks from sovereigns, 
        in particular from their own 

3.    Managing the transition: The quid pro quo 

4.    Refugee bonds    


Session 1 Motivation: Eurozone, where do we stand? 
Session 2 Governance of the Eurozone: Financial regulation 
Session 3 Debt overhang and fiscal stance 
Session 4 Risk and opportunities: Refugees and security, Frontex and more 




Professor of Macroeconomics, University of Cambridge

Director, Walter Eucken Institute; Professor of Economic Policy, University of Freiburg

Professor of Finance, University of Chicago, Booth School of Business

Professor of Economics, London Business School; CEPR Research Fellow and trustee; IFRS Foundation trustee (chair steering committee sustainability reporting); Fellow of the British Academy; Fellow of the Econometric Society

A.W. Phillips Professor of Economics, LSE and CEPR Research Fellow

Lord Bagri Professor of Economics, London Business School and CEPR Vice President and Research Fellow

Professor of International Economics, Graduate Institute of Geneva; Distinguished Fellow, INSEAD Emerging Markets Institute, Singapore; President, CEPR


CEPR Policy Research