Research Topics

Governance and macroeconomic policy in the European Monetary Union

The debt crisis in the euro area has highlighted the need to reform the EMU’s institutional architecture. Although important reforms have been adopted, it is unclear whether they are sufficient to guarantee the stable development of public finances, the banking sector and the economy as a whole. The division of responsibility between monetary and fiscal policy is often the subject of conflict. The coordination and supervision of economic and fiscal policy in the framework of the Stability and Growth Pact is not effective enough, and rule violations go unpunished.

For these reasons, EconPol Europe’s research focuses on these questions:

  • What are the impacts of fiscal policy in the current economic situation (high private and public sector debt, low interest rates and slow economic growth)?
  • Is the Stability and Growth Pact suitable as a framework for the coordination of fiscal policy in Europe? If reform is needed, how should these reforms be implemented?
  • What are the advantages and disadvantages of setting up fiscal stabilisers at the European level (for example, with a European unemployment re-insurance scheme)?

Publications

Roberto Tamborini: "Macroeconomic Imbalances and the Euro Zone. Alternative Views", EconPol Working Paper 14, 2018.

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Mathias Dolls and Nils Wehrhofer, "Attitudes towards Euro Area Reforms: Evidence from a Randomized Survey Experiment", EconPol Working Paper 11, June 2018.

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Gabriel Felbermayr and Martin Braml, On the EU-US Current Account, EconPol Policy Report 7, May 2018.

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Zareh Asatryan, Xavier Debrun, Annika Havlik, Friedrich Heinemann, Martin G. Kocher and Roberto Tamborini, Which Role for a European Minister of Economy and Finance in a European Fiscal Union?, EconPol Policy Report 6, May 2018.

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Gros, Daniel, "Banks as Buyers of Last Resort for Government Bonds?", EconPol Policy Brief 4, December 2017.

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Bonatti, Luigi and Andrea Fracasso: "Addressing the Core-Periphery Imbalances in Europe: Resource Misallocation and Expansionary Fiscal Policies.", EconPol Working Paper 6, November 2017.

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Felbermayr, Gabriel, Fuest, Clemens, Groschl, Jasmin and Stoehlker, Daniel: "Economic Effects of Brexit  on the European Economy", EconPol Policy Report 4, November 2017.

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Alcidi, Cinzia, Mathias Dolls, Clemens Fuest, Carla Krolage and Florian Neumeier, "The Nature of Shocks in the Eurozone and Their Absorption Channels", EconPol Policy Report 3, November 2017.

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Fuest, Clemens and Heinemann, Friedrich, "Accountability Bonds –  Reconciling Fiscal Policy Based on Market Discipline with Financial Stability", EconPol Policy Brief 3, November 2017.

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Andreozzi, Luciano and Tamborini, Roberto: "We need more Europe in the Monetary Union. Which Europe? Hints from policy games.", EconPol Working Paper 5, October 2017.

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