How to fix Europe’s monetary union: Views of leading economists

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Publication Date February 2016
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Important progress has been made in repairing the design faults that the Eurozone Crisis revealed. This new VoxEU eBook argues that fixing the Eurozone is a job half done. The eBook, which presents 18 chapters by leading economists that hail from a broad range of nations and schools of thought, is a substantial collection of possible solutions.

+ Introduction - Richard Baldwin and Francesco Giavazzi

Part 1: Complete reform plans
+ Minimal conditions for the survival of the euro - Barry Eichengreen and Charles Wyplosz
+ Maastricht 2.0: Safeguarding the future of the Eurozone - Lars P. Feld, Christoph M. Schmidt, Isabel Schnabel and Volker Wieland
+ A sovereignless currency - Agnès Bénassy-Quéré
+ The Eurozone’s Zeno paradox – and how to solve it - Jean Pisani-Ferry

Part 2: Focusing on completing the Banking Union, and financial markets
+ Completing the Banking Union - Daniel Gros
+ Safeguarding the euro – balancing market discipline with certainty - Thorsten Beck
+ The EZ Crisis: What went wrong with the European financial integration? - Sebnem Kalemli-Ozcan

Part 3: Focusing on fiscal and monetary policy
+ Building common fiscal policy in the Eurozone - Guido Tabellini -
+ Rebooting Europe: Closer fiscal cooperation needed - Christopher Pissarides
+ How to reboot the Eurozone and ensure its long-term survival - Paul De Grauwe and Yuemei Ji
+ Policies and institutions for managing the aggregate macroeconomic stance of the Eurozone - Giancarlo Corsetti, Matthew Higgins and Paolo Pesenti
+ Asymmetries and Eurozone policymaking - Tommaso Monacelli
+ ECB in Eurozone policymaking: Going forward - Refet S. Gürkaynak

Part 4: Focusing on structural and institutional reform
+ The Eurozone needs less heterogeneity - André Sapir
+ Balance-of-payments adjustment in the Eurozone - Stefano Micossi
+ Needed: A European institutional union - Elias Papaioannou

Part 5: Dealing with legacy debt
+ The way forward: Coping with the insolvency risk of member states and giving teeth to the European Semester - Peter Bofinger

+ Epilogue: Future history – how the crisis might have been handled. How the Euro Crisis was successfully resolved - Barry Eichengreen and Charles Wyplosz

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