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Policy Contribution

External Representation of the Euro Area

by Alessandro Giovannini / Daniel Gros / Paul Ivan / Piotr Maciej Kaczyński / Diego Valiante
01 June 2012

External Representation of the Euro Area

Alessandro Giovannini / Daniel Gros / Paul Ivan / Piotr Maciej Kaczyński / Diego Valiante

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Commissioned by the European Parliament, this study outlines concrete options for improving the external representation of the euro area in international institutions such as the IMF, the World Bank and the G-20. The study proposes a two-stage process, the first of which requires the creation of a permanent subcommittee of the Eurogroup Working Group (EWG) to elaborate common positions at international level. A second step, taken in the longer term, would consist of creating a single-member position in the IMF and World Bank by merging national quotas via the European Stability Mechanism (ESM). For the G-20, a single membership of the euro area could create inconsistencies with the European Union membership. However, a euro area membership could be envisaged if a more economically and financially integrated euro area were to develop.

The authors are all researchers at CEPS.


About the Authors


  • Author
    Alessandro Giovannini
    Alessandro Giovannini
  • Author
    Daniel Gros Daniel Gros
    Daniel Gros
  • Author
    Paul Ivan
    Paul Ivan
  • Author
    Piotr Maciej Kaczyński
    Piotr Maciej Kaczyński
  • Author
    Diego Valiante
    Diego Valiante
External Representation of the Euro Area
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2346 Downloads