The Centre for European Policy Studies | Centre for European Policy Studies

The turmoil affecting southern euro area countries (notably Greece) has ushered in the second phase of the financial crisis: that of sovereign default. It is now time to look for a new framework that allows the Union to deal with the failure of one of its members. In this new CEPS Policy Brief, CEPS Director Daniel Gros and Deutsche Bank's Chief Economist Thomas Mayer argue for the setting up of a European Monetary Fund. One of the tasks of this Fund would be to manage the insolvency of euro area countries in an orderly way.

The Greek Case: The Straw on the Stability Pact's back?

On Wednesday 10 February, Ilias Plaskovitis, Secretary General of the Greek Ministry of Finance will debate his country's economic predicament with CEPS Director Daniel Gros and CEPS Senior Associate Fellow Paul De Grauwe during a timely lunchtime meeting.

The Taxation of Multinational Enterprises in the EU

As a rule, multinational enterprises (MNEs) are taxed separately by the countries in which they operate on the basis of the income produced in each jurisdiction. While being in operation for several decades, the system has never worked satisfactorily. In this new Policy Brief, authors Stefano Micossi and Paola Parascandolo of Assonime set out possible approaches to designing an efficient trans-border corporate tax system for the European Union.

Greek burdens ensure some PIGS won't fly

A new Commentary by CEPS Director Daniel Gros looks at the acronym recently coined by financial markets to sum up troubled eurozone states – ‘Pigs’, for Portugal, Ireland, Greece and Spain – and finds it misleading, given its preoccupation with fiscal policy. In determining the sustainability of public debt, he argues that one should not look only, perhaps not even mainly, at today’s fiscal accounts, but at the resource balance for the entire country.