Lars Feld, Christoph Schmidt, Isabel Schnabel, Volker Wieland, 23 March 2016

Economists continue to debate how to safeguard the Eurozone, with some countries exiting the Crisis and some still reeling from it. This column, by members of the German Council of Economic Experts, concludes that reforms have mostly moved the Eurozone in the direction of ‘Maastricht 2.0’, stabilising the Eurozone. But it’s clear that more needs to be done.

Lars Feld, Christoph Schmidt, Isabel Schnabel, Volker Wieland, 22 March 2016

Hindsight is a wonderful thing. In the midst of a crisis, it is of course very hard to understand causality. This column uses the benefit of hindsight to present a nuanced view of the causes of the Eurozone Crisis as seen by members of the German Council of Economic Experts. To prevent the same crisis happening again, the Maastricht Treaty needs to be revitalised to enhance the future stability of the Eurozone and relieve the ECB of its role as crisis manager. 

Lars Feld, Christoph Schmidt, Isabel Schnabel, Volker Wieland, 12 February 2016

Not everybody agrees that the Greek crisis means the EU needs more integration. This column, from the German Council of Economic Experts, argues that for as long as EZ members are unwilling to transfer national sovereignty over economic and financial policy to the European level, all reform proposals must withstand a critical evaluation of the incentives they set for national economic and financial policy. The institutional framework of the single currency area can only ensure stability if it follows the principle of that liability and control must go hand in hand. Those who decide must bear the consequences of their decisions.

Zsolt Darvas, 23 July 2009

The crisis has revealed the serious asymmetry of unpunished fiscal profligacy in euro-area member countries and painful austerity in euro-area applicant countries. This column argues that the stakes are now very high and euro-area members ought to change the entry criteria to make them more reasonable.

Paul De Grauwe, 15 April 2009

This column shows that the Maastricht convergence criteria are political instruments, not economically vital measures. They were ignored in 1998 so as to facilitate the Eurozone’s creation, and now they are stringently applied so as to slow its enlargement.

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