27 Mar 2017

The Instruments providing Macro-Financial Support to EU Member States

Cinzia Alcidi / Daniel Gros / Jorge Núñez Ferrer / David Rinaldi

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Following the financial crisis, the EU put in place a number of instruments aimed at providing macro-financial support to EU member states in difficulty, five of which remain in place. At the request of the European Parliament, CEPS carried out an in-depth assessment of the functioning and institutional arrangements of these support programmes with a view to providing a solid basis on which to design a sound architecture that can serve Europe for decades to come. This paper draws a number of important lessons from this assessment and identifies a few crucial issues that still need to be addressed.

Cinzia Alcidi is Senior Research Fellow and Head of the Economic Policy Unit at CEPS. Daniel Gros is Director of CEPS. David Rinaldi is Research Fellow and Maîtres de conférences, ULB – Institute for European Studies, Brussels. Jorge Núñez Ferrer is Senior Research Fellow at CEPS and Visiting Professor, Central European University in Budapest.

This study was commissioned by the European Parliament’s Committee on Budgets. It is republished on the CEPS’ website with the kind permission of the European Parliament.