A Fiscal Stabilisation Function for the Euro Area

Annual CEPS-Intereconomics Conference: A Fiscal Stabilisation Function for the Euro Area

The Five Presidents’ Report of 2015 has called for a macroeconomic stabiliser at the EMU level that would be capable of dealing with asymmetric shocks. A European unemployment benefits scheme (EUBS) is one potential stabilisation mechanism, although other proposals for devising risk-sharing tools that could be deployed across the Economic and Monetary Union have surfaced over the years. This high-level conference will explore and compare the advantages and disadvantages of the various schemes entertained. Which one is best suited for the member countries of EMU? Which one holds out 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 from materialising? Are any of these proposal politically feasible in the near term?

Join us and share your views on these important questions.

The studies presented at the conference will be published in a forthcoming issue of Intereconomics.

Past Intereconomics publications on other topical economic issues can be downloaded via this link.

Participation in this event is exceptionally free of charge.

Registration and coffee from 09.00 - Meeting from 09.30 to 17.00

Please click here for full agenda.



'Feasibility and Added Value of a European Unemployment Benefits Scheme' by Karolien Lenaerts

'Ten lessons from a decade of debating EUBS: Robust findings, popular myths and remaining dilemmas' by Sebastian Dullien

'EU fiscal governance and cyclical stabilisation Searching for a lasting arrangement' by Nicolas Carnot

'Reflections on the euro area fiscal stance' by Christophe Kamps

'EMU governance and Eurozone fiscal stance' by Paul De Grauwe

'Fiscal rules and the scope for risk-sharing' by Iain Begg

'Fiscal stabilization in the euro area: the role of national fiscal policy' by Cinzia Alcidi

April 2017



Clemens Fuest
President, IFO Institute
Christophe Kamps
Head of Fiscal Policies Division, ECB
Suzanne Simonetta
Expert on Unemployment Insurance in the US
Frank Vandenbroucke
Professor, University of Amsterdam
Joaquin Almunia
Chairman of CEPS Board
Cinzia Alcidi
Head of Economic Policy Unit, CEPS


Brigitte Preissl
Editor-in-chief, Intereconomics

A Fiscal Stabilisation Function for the Euro Area

April 2017
Participation in this event is exceptionally free of charge.


CEPS Conference Room

Place du Congrès 1 - 1000 Brussels