A Fiscal Stabilisation Function for the Eurozone

INTERECONOMICS,Vol 52, No.3 May/June 2017                                                                                                            

Forum: A Fiscal Stabilisation Function for the Eurozone                                                                                      

The Five Presidents’ Report of 2015 called for a macroeconomic stabiliser that would be capable of dealing with asymmetric shocks. A European unemployment benefi ts scheme (EUBS) is one potential stabilisation mechanism, although other proposals for devising risk-sharing tools that could be deployed across the eurozone have also been put forward over the years. The following papers, based on a recent Intereconomics conference, explore and compare the advantages and disadvantages of the various schemes entertained. Which one holds the greatest promise of reducing the risk of deep recession? Do such schemes inevitably lead to moral hazard or are there practical safeguards that can be built into their provisions to minimise this risk? Are any of these proposals politically feasible in the near term? This Forum seeks to answer these questions, searching for solutions that can overcome the political resistance to risk sharing in order to secure the economic benefits of risk reduction.

Forum: Reflections on the Euro Area Fiscal Stance

By Christophe Kamps, Nadine Leiner-Killinger, Jacopo Cimadomo and Sebastian Hauptmeier

Forum: Fiscal Rules and the Scope for Risk Sharing

By Iain Begg

Forum: The Stabilising Role of US Federal Fiscal Institutions – What Lessons for the Euro Area?

By Cinzia Alcidi and Gilles Thirion

Forum: What the EU Can Learn from the American Experience with Unemployment Insurance

By Suzanne Simonetta

Forum: European Fiscal Governance and Cyclical Stabilisation: Searching for a Lasting Arrangement

By Nicolas Carnot

Forum: Risk Reduction, Risk Sharing and Moral Hazard: A Vaccination Metaphor

By Frank Vandenbroucke

Forum: Ten Lessons from a Decade of Debating an EUBS: Robust Findings, Popular Myths and Remaining Dilemmas

By Sebastian Dullien

Editorial: Differentiation Could Become the Next EU Integration Concept

By: Josef Janning

 

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