This paper discusses the creation of a European Banking Union. First, we discuss questions of design. We highlight seven fundamental choices that decision makers will need to make: Which EU countries should participate in the banking union? To which categories of banks should it apply? Which...

Jean Pisani-Ferry and André Sapir call for more focused guidelines in Lisbon 2, an explicit methodology for evaluating National Reform Programmes, and better ownership of these programmes to encourage national debate on key areas of underperformance in member states. This paper, prepared at the...

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries and investors well beyond its borders. But it still remains to be seen if its governance is strong enough for it to succeed as a stormy-weather currency. The authors already...

The euro area's sovereign debt crisis continues though significant steps have been taken to resolve it. This paper proposes a comprehensive solution to the crisis based on three pillars: a plan to restore banking sector soundness in the whole euro area, a resolution of sovereign debt crisis...

The system of multilateral rules and institutions that constitutes the global economic governance regime trails the rapid transformation of the world economy and the rise of pressing global issues. It faces significant challenges such as the resurgence of economic nationalism. It needs to adapt...

The European Union was institutionally ill-prepared to manage the 2007-2008 financial crisis, with an inadequate architecture for resolving problems within the European single financial market. Throughout the period 2007-2009 the situation in the EU has been characterised by a lingering lack of...

[Introduction ...] The aim of this paper is to discuss this issue in the light of recent experience. It is divided into five sections. In section 2, we briefly discuss the economic benefits of macroeconomic stability and the rationale for government policies playing an active role in delivering...

This background paper describes in detail the assumptions and calculations behind the results presented in Zsolt Darvas, Jean Pisani-Ferry and André Sapir 'A comprehensive approach to the euro-area debt crisis', Bruegel Policy Brief No 2011/02, February 2011. An assessment of the results and...

While past discussions on EMU tended to emphasise its role in limiting the impact of the global financial crisis on the euro area countries, the focus has now shifted to the destabilising effects threatening the entire euro zone as a consequence of the dire fiscal situation in some weaker member...