Open Access BASE2016

Macro economic trade-offs in the euro area ; Macro economic trade-offs in the euro area: Chapter 4

Feigl, Georg; Marterbauer, Markus; Rehm, Miriam; Schnetzer, Matthias; Zuckerstätter, Sepp; Andersen, Lars Nørvang; Nissen, Thea; Dahl, Signe; Hohlfeld, Peter; Lojak, Benjamin; Theobald, Thomas; Truger, Achim; Watt, Andrew; Allegre, Guillaume; Antonin, Céline; Blot, Christophe; Creel, Jérôme; Ducoudre, Bruno; Hubert, Paul; Lebayon, Sabine; Levasseur, Sandrine; Périvier, Hélène; Sampognaro, Raul; Saussay, Aurélien; Touze, Vincent; Villemot, Sébastien

Open Access

Abstract

The last year Report of the Five Presidents highlighted the necessity of progress in the EU in four directions: achieving "a genuine Economic Union, (…) a FinancialUnion, (…) a Fiscal Union, (and) a Political Union". The associated roadmap for completing the EMU includes a greater focus on employment, a better implementation of the Macroeconomic Imbalance Procedure, a better assessment of fiscal stance and fiscal sustainability, the completion of the BankingUnion and the launch of a Capital Markets Union. They thus pointed to a very large set of ambitions which renewed the debate about the consistency ofexisting 6-pack, 2-pack and Fiscal compact, which were mainly related to fiscal and competitiveness issues. This roadmap raises an important question: is it possible within the given institutional setting to close the unemployment gap (the difference between actual and natural rates of unemployment), that is to say increase the "well-being of the peoples" (Art. 3 TEU) in a sustainable way, achieve public finance sustainability, reduce macro imbalances, and ensure the liquidity and solvency offinancial institutions and other objectives at the same moment?

Report Issue

If you have problems with the access to a found title, you can use this form to contact us. You can also use this form to write to us if you have noticed any errors in the title display.