Nauro Campos, 22 June 2018

The issue of how to reform the EU is well discussed in research and policy. But through which institutions and in which order these reforms should take place is less well debated. Nauro Campos discusses the role of Europe’s institutions in its successes and failures. Based on the findings of the recent CEPR eBook, “Bretton Woods, Brussels, and Beyond: Redesigning the Institutions of Europe”, he suggests that the risks of not reforming these institutions are at least another recession across Europe, but also threats to the European project itself.

Nauro Campos, Jan-Egbert Sturm, 29 May 2018

Economists have discussed what to do to reform the European project and how, but have been silent on who and when. Which institutions and rules are needed and when? This column introduces a new eBook that makes the case such institutional questions are of fundamental importance for the future of Europe. The individual chapters distil the lessons from the institutional framework underpinning the Bretton Woods system and the globalisation wave that followed it. 

Charles Wyplosz, 20 March 2010

As the debate over a European Monetary Fund continues, this column argues that Germany’s enthusiasm for the new fund lies in its desire to impose fiscal discipline on countries it didn’t want in the Eurozone in the first place. The EU is not Germany and despite its dysfunctional diversity, the avoidance of a currency crisis in Greece shows that it works.

Mathias Hoffmann, 20 March 2010

If a European Monetary Fund does happen, how would it work? This column proposes a European Sovereign Insurance Scheme to sell bond insurance on EMU members' sovereign debt. In good times the insurance fees would allow the EMF to build up a capital cushion. In bad times, the EMF could use these funds to facilitate an orderly unwinding of the default – while imposing tough conditions.

Kati Suominen, 17 March 2010

Discussions over a European Monetary Fund have gained momentum over the last week. This column argues that regionalising the IMF is sub-optimal. But discussions over a European Fund offer an opportunity for a complementary fund, which can offer a reference for Asian countries.

Daniel Gros, Thomas Mayer, 15 March 2010

Europe was caught totally unprepared for the pressure on public debt that followed the global crisis. This column outlines a proposal for a European Monetary Fund with which, it argues, the EU would be much better prepared to face these difficult times.

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