Contents of the volume

2018, Volume 71 - Issue 3

ISSN: 2499-8265
RSS feed citation: At RePEc
Publication date: 03 August 2018

THE FUTURE OF EUROPE: ECONOMIC AND SOCIAL PROSPECTS

Amedeo Amato

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IL FUTURO DELL'EUROPA: PROSPETTIVE ECONOMICHE E SOCIALI - WELCOME ADDRESS

Paolo Odone

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EUROPE'S FUTURE: ECONOMIC AND SOCIAL PROSPECTS

Angelo Bagnasco

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EUROPE'S FUTURE AT THE CROSSROADS: THE CHALLENGE OF IMMIGRATION

Stefano Stefanini

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WHY A EUROZONE COLLAPSE SHOULD NOT BE A SURPRISE: THE ROLE OF GERMANY AND GREECE

George Zestos, Morgan H. Simmons

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FINANCIAL CRISIS, BANKING SECTOR PERFORMANCE AND ECONOMIC GROWTH IN THE EUROPEAN UNION

Cândida Ferreira

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FIXING THE EUROZONE SETUP: ON VIABLE FORMS OF FISCAL UNION

Luca Gandullia, Franco Praussello

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AMONG THE CENTRAL AND EASTERN EUROPEAN COUNTRIES OF THE EUROPEAN UNION, WHO GAINED AND WHO LOST?

Miroslav N. Jovanovic, Jelena Damnjanovic, Jovan Njegic

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THE EXCHANGE RATE REGIME SWITCH AND CURRENT ACCOUNT IN GREECE, 1976-2014

Alexi Thompson, Henry Thompson

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Genoa Chamber of Commerce
Economia Internazionale / International Economics

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Corresponding author

Luca GANDULLIA, Department of Political Sciences, University of Genova, Italy

Co-authors

Franco PRAUSSELLO, Department of Political Sciences, University of Genova, Italy

Fixing the Eurozone Setup: On Viable Forms of Fiscal Union

Pages

289-316

Abstract

There is a growing consensus that the eurozone configuration requires substantial reforms, but member countries have vastly different views on the issues that should be addressed and the specific reforms to be implemented. A number of limited and sometimes unbalanced packages concerning fiscal coordination, the Banking Union and a European Monetary Fund have yet to be completed and a more ambitious effort concerning a Fiscal Union is still in the stage of a laborious political debate. In this paper, we focus on reform proposals that can deliver effective results by discussing different forms of Fiscal Union and looking for one that is more likely to survive the conflicting point of views of the different eurozone members. Finding that an unemployment insurance scheme is the more plausible short-term step to bolster the current reform efforts, we discuss different alternative implementation strategies for such a scheme. We conclude that a scheme with direct payments to the unemployed is the most effective approach to equip the eurozone with central shock absorption capacity while taking into account political feasibility, and that scientific literature provides appropriate backstops and conditionalities to prevent moral hazard.

JEL classification

E62, F02, F45, H87

Keywords

EMU, Fiscal Union, European Unemployment Insurance

Index

  1. Introduction
  2. A snapshot on a long overview debate
  3. A taxonomy of fiscal related unions
  4. European unemployment insurance schemes
  5. Conclusions

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