Vesa Vihriälä, 13 April 2018
The smooth functioning of the EMU requires risk sharing. This column, which joins VoxEU's Euro Area Reform debate, argues, however, that its best use is not in the support of fiscal expansion in recession countries, but in ensuring the liquidity of solvent sovereigns under market pressure. Giving the ESM/EMF access to central bank financing should be explored as a means to facilitate it.
Most Read
Vox eBooks
Pisani-Ferry, Zettelmeyer, 13 June 2019
Vox Talks
Events
-
2 - 12 July 2019 / University of Warwick / University of Warwick
-
14 July - 3 August 2019 / St Mary's University, Twickenham / University of Warwick
-
18 - 20 July 2019 / Columbia University & Federal Reserve Bank of New York, NYC, USA / Central Bank Research Association (CEBRA)
-
17 - 18 August 2019 / Peking University, Beijing / Chinese University of Hong Kong – Tsinghua University Joint Research Center for Chinese Economy, the Institute for Emerging Market Studies at Hong Kong University of Science and Technology, the Guanghua School of Management at Peking University, the Stanford Center on Global Poverty and Development at Stanford University, the School of Economics and Management at Tsinghua University, BREAD, NBER and CEPR
-
19 - 20 August 2019 / Vienna, Palais Coburg / WU Research Institute for Capital Markets (ISK)
