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Reforming the financing of the European Union : a proposal

Fuest, Clemens; Heinemann, Friedrich; Ungerer, Martin - In: Intereconomics : review of European economic policy 50 (2015) 5, pp. 288-293

The current system for the financing of the EU needs to be reformed. This paper puts forth a reform proposal with two … important elements: first, the addition of an EU VAT share on receipts; and second, a shift in power from the European Council … to the European Parliament with regard to the determination of the structure of EU expenditures. The first element will …

Persistent link: https://www.econbiz.de/10011346642

Sustainability of national debt in Europe

Heinemann, Friedrich - In: Intereconomics : review of European economic policy 28 (1993) 2, pp. 61-68

There are at least two reasons why sustainability of public debt is an issue of increasing importance. First, public choice considerations show the danger of excessive use of deficit finance in a democracy. Second, the conditions of a European Monetary Union imply further incentives for deficit...

Persistent link: https://www.econbiz.de/10011547191

Central Europe and European monetary integration : a strategy for catching up

Heinemann, Friedrich - In: Intereconomics : review of European economic policy 30 (1995) 3, pp. 117-125

Persistent link: https://www.econbiz.de/10011548482

Self-Fulfilling Crises in the Eurozone : An Empirical Test

De Grauwe, Paul - 2013

We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self-fulfilling liquidity crises than in stand-alone countries. We find evidence that a significant part of the surge in the spreads of the PIGS countries in the Eurozone during...

Persistent link: https://www.econbiz.de/10013090949

The European Central Bank : Lender of Last Resort in the Government Bond Markets?

De Grauwe, Paul - 2013

The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...

Persistent link: https://www.econbiz.de/10013092424

A Fragile Eurozone in Search of a Better Governance

De Grauwe, Paul - 2013

When entering a monetary union, member-countries change the nature of their sovereign debt in a fundamental way (e.g., they cease to have control over the currency in which their debt is issued). As a result, financial markets can force these countries' sovereigns into default. In this sense,...

Persistent link: https://www.econbiz.de/10013092900

The Fragility of Two Monetary Regimes : The European Monetary System and the Eurozone

Ji, Yuemei - 2013

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

Persistent link: https://www.econbiz.de/10013072510

Fiscal Rules, Financial Stability and Optimal Currency Areas

De Grauwe, Paul - 2015

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co-movements in fiscal policy; 2) financial stability; and 3) financial integration. We provide empirical evidence documenting the existence of such a trade-off in the period characterized...

Persistent link: https://www.econbiz.de/10013020581

The need for monetary financing of corona budget deficits

De Grauwe, Paul - In: Intereconomics : review of European economic policy 55 (2020) 3, pp. 133-134

Sooner or later, the ECB must accept that monetary financing in support of deficit spending is a necessity not just for mitigating the coronavirus crisis, but also for averting a downward deflationary cycle that could pull the eurozone apart.

Persistent link: https://www.econbiz.de/10012241347

What future for the EU after Brexit?

De Grauwe, Paul - In: Intereconomics : review of European economic policy 51 (2016) 5, pp. 249-251

Persistent link: https://www.econbiz.de/10011573889