The divergences developed within the euro area represent the main threat to the existence of the single currency and to the stability of the EU as a whole. Without proper automatic stabilisers, a monetary union can only deliver suboptimal results and may not even be sustainable. In the recent...

Perhaps the single most tangible symbol of the European Union is its single currency, the euro. Within the European Economic and Monetary Union, it was seen as a tool to ensure that European integration would be truly irreversible. However, the euro has also contributed to cleavages and...

The divergences developed within the euro area represent the main threat to the existence of the single currency and to the stability of the EU as a whole. Without proper automatic stabilisers, a monetary union can only deliver suboptimal results and may not even be sustainable. In the recent...

The European Commission proposes a pan-European support for short-time work arrangements (SURE). This column discusses the relationship between this proposal and the idea of a European unemployment re-insurance scheme, to which the Commission also refers in its Communication on SURE. We sketch...

This chapter provides an overview of the crisis and reform of the Economic and Monetary Union (EMU) from the perspective of external imbalances. The paper explains what steps and measures made the eurozone recovery possible and why there is still need for a fiscal capacity with a stabilisation...