20 Jun 2012

An Agenda for the European Council: Feasible steps to bring the eurozone back from the precipice

Stefano Micossi

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In the run-up to the emergency European Council meeting at the end of June, Stefano Micossi outlines in this Policy Brief the main elements of a realistic and yet incisive policy package, capable of reassuring financial markets and a bewildered public opinion. It is more than Germany has been willing to accept so far but much less than many of the demands it will confront at the Council meeting. More importantly, it only requires a minimum of additional disbursements by the member states, while strengthening risk-sharing for sovereign and banking risks.

Stefano Micossi is Director General of Assonime, Visiting Professor at the College of Europe in Bruges, Member of the Board of Directors of CEPS and Chairman of the Board of CIR Group.

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