The unchecked build-up of imbalances during the 2000s exposed the euro area to the risk of sudden stops. Such risk … remains to be covered. In general, reforms have favoured risk reduction over risk sharing. As a result, in the face of …, banking union lacks common financial backstops. Only further risk (and sovereignty) sharing can avoid harmful pro …

This work presents an original proposal for the reform of the Eurozone architecture according to an approach based on … risk sharing (aiming to reach in the long-term the mutualization of public debt). The proposal envisages a new role for the … new ESM would support the full transition from national debts to a single Eurozone public debt (e.g. Eurobonds) with a …