Euro-area reform [What Think Tanks are thinking]

Written by Marcin Grajewski,

The heads of state and government of the countries sharing the euro currency will hold a summit on 15 December 2017 to discuss ways to improve the functioning of the euro area. European Council President Donald Tusk has said that the discussion will focus on further steps to complete Banking Union and on setting the direction for deeper euro-zone economic integration, with decisions to be taken in June 2018. European Union states which are not members of the 19-nation euro bloc have also been invited to the Euro Summit, other than the UK. Among proposals floated are that the single currency area should have a budget and a finance minister and that the existing euro-zone bailout fund, European Stability Mechanism (ESM), should be transformed into a European Monetary Fund. Germany is cautious about far-reaching reforms. This note brings together commentaries, analyses and studies by major international think tanks and research institutes on euro area reforms and related issues. Earlier publications on the topic can be found in a previous edition of ‘What Think Tanks are Thinking’ published in July 2017. A new deal for the Eurozone: Remedy or placebo? Centre for European Reform, November 2017 After the crisis: What new lessons for euro adoption? Bruegel, November 2017 European financial outlook 2021-2027: Which budget for which Europe? Fondation Robert Schuman, November 2017 Can the big idea of EU integration become reality? Carnegie Europe, November 2017 Target imbalances at record levels: Should we worry? Centre for European Policy Studies, November 2017 A slightly tighter ECB Bruegel, November 2017 Sovereign debt: Do we need an EU solution? Jacques Delors Institute Berlin, November 2017 The Eurosystem: Too opaque and costly? Bruegel, November 2017 The EMU does not have any flaws: A critique of the European Commission’s reflection paper on the deepening of the EMU Clingendael, November 2017 Economic government: What kind of coordination for the Eurozone? Jacques Delors Institute Berlin, November 2017 Imbalances: Should the EU intervene? Jacques Delors Institute Berlin, November 2017 Euro-area enlargement: A new opening Bruegel, November 2017 Leaving the euro: An emergency exit for the currency union? Bertelsmann Stiftung, Jacques Delors Institute Berlin, November 2017 A blueprint for completing the Banking Union Centre for European Policy Studies, November 2017 Banking Union: How stable are Europe’s banks? Jacques Delors Institute Berlin, November 2017 Capital market integration and macroeconomic stability Deutsches Institut für Wirtschaftsforschung, November 2017 Convergence: Are the Eurozone countries too different? Jacques Delors Institute Berlin, November 2017 The time is right for a European Monetary Fund Bruegel, October 2017 How sustainable are government debts in the formerly stressed Southern European countries? Institut der Deutschen Wirtschaft Köln, October 2017 The missing pieces of the euro architecture Bruegel, October 2017 Strengthening the EMU’s internal cohesion: A comprehensive strategy Fondation Robert Schuman, October 2017 Joint response from SEP scholars to the Franco-German proposals on Eurozone reform LUISS School for European Political Economy, October 2017 Sovereign bond holdings in the euro area: The impact of quantitative easing Bruegel, October 2017 Zone euro: La reprise économique peut-elle être menacée? Confrontations Europe, October 2017 President Macron, politics and a realistic approach to the future of the euro Martens Centre for European Studies, October 2017 Wolfgang Schäuble’s Europe Carnegie Europe, October 2017 The Commission’s views on strengthening the Euro Area: Barking up the wrong tree? Centre for European Policy Studies, September 2017 Two visions, one direction: Plans for the future of Europe European Political Strategy Centre, September 2017 Euro Plus Monitor: September 2017 update Lisbon Council for Economic Competitiveness and Social Renewal, September 2017 The euro’s difficult future: Competitiveness imbalances and the Eurozone’s North-South divide Atlantic Council, September 2017 Is the euro zone really out of the woods? Centre for European Reform, September 2017 Germany and the future of the Eurozone Carnegie Europe, September 2017 Euro area: When horizons exceed red lines Institut der Deutschen Wirtschaft Köln, September 2017 A European perspective on over indebtedness Bruegel, September, 2017 A resilient Euro needs Franco-German compromise Bruegel, September, 2017 Hamilton’s Paradox revisited: Alternative lessons from US history Centre for European Policy Studies, September 2017 Yes, the German election has created a problem for euro area reform Peterson Institute for International Economics, September 2017 Germany should accept more risk sharing, and France more market discipline Peterson Institute for International Economics and others, September 2017 The single monetary policy and its decentralised implementation: An assessment Centre for European Policy Studies, September 2017 Europe’s fourfold union: Updating the 2012 vision Bruegel, September, 2017 Fiscal policy stabilisation and the financial cycle in the Euro Area Centre for European Policy Studies, August 2017 Equilibrium real interest rates and secular stagnation: An empirical analysis for Euro-Area member countries Centre for European Policy Studies, August 2017 Europe must seize this moment of opportunity Bruegel, August, 2017 Boom, slump, sudden stops, recovery, and policy options: Portugal and the euro Peterson Institute for International Economics, July 2017 New ideas: France, Germany and the future of the Euro Area Institute of International and European Affairs, July 2017 The status quo is not an option: Functional and existential weaknesses of the EMU Martens Centre for European Studies, July 2017

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Read this briefing on ‘Euro-area reform‘ on the Think Tank pages of the European Parliament.