Demertzis, Maria; Wolff, Guntram B. - 2016
balances is important. Last, we consider structural convergence to better deal with shocks as an essential prerequisite for … investment in the EU. With these, this step would create a re-insurance framework to help euro-area countries absorb large shocks … substantial government spending to the central level. This would allow euro-area fiscal stabilisation to be fully centralised. To …