Heikki Oksanen, 20 July 2020

One of the many reasons for slow progress with reforming the euro has been a lack of understanding of the links between the fiscal and monetary domains. This column argues that the Covid-19 shock necessitates a significant extension of the time horizon for fiscal policy.  Sound public finances means long-term sustainability of government finances, which is required for refunding public debt at acceptable interest rates. Bonds issued by the solvent governments are needed for the operations of the Eurosystem in setting the monetary stance and in acting as the lender of last resort for euro area governments, which is necessary for preventing liquidity shortages from developing into a general financial crisis.

Philip Lane, 18 October 2007

Ireland is the only country that must hold a referendum to endorse the new Reform Treaty. Treaty debate is likely to be fairly low-key and the referendum is likely to yield a ‘yes’ vote.

Daniel Gros, Stefano Micossi, 25 June 2007

Much of the substance of the Constitutional Treaty has been preserved, but since this is clear only to the initiated, it comes at a cost of considerably reduced transparency. And this is not complete; expect more Treaty revisions before all of the provisions of this one have been implemented.

Richard Baldwin, Mika Widgrén, 07 June 2006

CEPR Policy Insight No.3 presents two strands of evidence that a new treaty is needed - one based on the decline in of EU decision making since the May 2004 enlargement, the other based on ‘revealed preference’ reasoning concerning the men and women who are most in touch with the realities of EU decision-making.

Richard Baldwin, Mika Widgrén, 11 May 2007

That the EU needs a new treaty is clear from two strands of evidence: the data showing a marked slowdown in EU decision-making since the May 2004 enlargement, and evidence based on ‘revealed preference’ reasoning.


CEPR Policy Research