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Europe’s Political Spring Fixing the Eurozone and Beyond

Bénassy-Quéré, Agnès, Giavazzi, Francesco, (2017),  “Europe’s Political Spring Fixing the Eurozone and Beyond”, Vox Eu, 31 Μαΐου

The election of Emmanuel Macron in May 2017 has opened the door to a ‘reboot’ of the Eurozone. This is an urgent priority: the euro’s economic architecture is still incomplete, meaning any large shock could reignite the Eurozone crisis. Economists have differing views on the details of how this might happen, but they agree on what needs fixing to better prevent this from happening. This eBook – written by leading economists from across Europe – proposes solutions that are politically and practically feasible. The authors argue that Europe must advance on two fronts: to fix the Eurozone and make it more resilient; and to start a wide and inclusive consultation on the future of Europe that stresses both growth and social protection. The authors’ key proposals include reinforcing the euro’s architectural resilience; setting up a mechanism to control aggregate demand when interest rates are at their lower bound; boosting the credibility of the ‘no-bailout clause’ by eliminating the ‘doom loop’; and completing the banking union.

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