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Will the reform of the institutional framework restore fiscal stability in the eurozone?

Abstract:
The key challenge for the fiscal reform of the eurozone is not better fiscal policy coordination or supervision. It is this: • Make sure that the financial sector can absorb a sovereign bankruptcy without a financial meltdown. This requires much tighter regulation, more effective supervision, continued access of banks to ECB refinancing in the event of a sovereign restructuring. For a transitional period, this also requires an ESM type 'rescue' institution. • The current fiscal reform package fails to deliver this.

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Publication date:
2011-06-05
URN:
uuid:586ad9a9-4219-4c36-acc7-8fabb2ef63a2
Local pid:
oai:eureka.sbs.ox.ac.uk:2805

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