Euro-area reform [What Think Tanks are thinking]

Written by Marcin Grajewski,

The heads of state and government of the countries sharing the euro currency will hold a summit on 15 December 2017 to discuss ways to improve the functioning of the euro area. European Council President Donald Tusk has said that the discussion will focus on further steps to complete Banking Union and on setting the direction for deeper euro-zone economic integration, with decisions to be taken in June 2018. European Union states which are not members of the 19-nation euro bloc have also been invited to the Euro Summit, other than the UK.

Among proposals floated are that the single currency area should have a budget and a finance minister and that the existing euro-zone bailout fund, European Stability Mechanism (ESM), should be transformed into a European Monetary Fund. Germany is cautious about far-reaching reforms.

This note brings together commentaries, analyses and studies by major international think tanks and research institutes on euro area reforms and related issues. Earlier publications on the topic can be found in a previous edition of ‘What Think Tanks are Thinking’ published in July 2017.

A new deal for the Eurozone: Remedy or placebo?
Centre for European Reform, November 2017

After the crisis: What new lessons for euro adoption?
Bruegel, November 2017

European financial outlook 2021-2027: Which budget for which Europe?
Fondation Robert Schuman, November 2017

Can the big idea of EU integration become reality?
Carnegie Europe, November 2017

Target imbalances at record levels: Should we worry?
Centre for European Policy Studies, November 2017

A slightly tighter ECB
Bruegel, November 2017

Sovereign debt: Do we need an EU solution?
Jacques Delors Institute Berlin, November 2017

The Eurosystem: Too opaque and costly?
Bruegel, November 2017

The EMU does not have any flaws: A critique of the European Commission’s reflection paper on the deepening of the EMU
Clingendael, November 2017

Economic government: What kind of coordination for the Eurozone?
Jacques Delors Institute Berlin, November 2017

Imbalances: Should the EU intervene?
Jacques Delors Institute Berlin, November 2017

Euro-area enlargement: A new opening
Bruegel, November 2017

Leaving the euro: An emergency exit for the currency union?
Bertelsmann Stiftung, Jacques Delors Institute Berlin, November 2017

A blueprint for completing the Banking Union
Centre for European Policy Studies, November 2017

Banking Union: How stable are Europe’s banks?
Jacques Delors Institute Berlin, November 2017

Capital market integration and macroeconomic stability
Deutsches Institut für Wirtschaftsforschung, November 2017

Convergence: Are the Eurozone countries too different?
Jacques Delors Institute Berlin, November 2017

The time is right for a European Monetary Fund
Bruegel, October 2017

How sustainable are government debts in the formerly stressed Southern European countries?
Institut der Deutschen Wirtschaft Köln, October 2017

The missing pieces of the euro architecture
Bruegel, October 2017

Strengthening the EMU’s internal cohesion: A comprehensive strategy
Fondation Robert Schuman, October 2017

Joint response from SEP scholars to the Franco-German proposals on Eurozone reform
LUISS School for European Political Economy, October 2017

Sovereign bond holdings in the euro area: The impact of quantitative easing
Bruegel, October 2017

Zone euro: La reprise économique peut-elle être menacée?
Confrontations Europe, October 2017

President Macron, politics and a realistic approach to the future of the euro
Martens Centre for European Studies, October 2017

Wolfgang Schäuble’s Europe
Carnegie Europe, October 2017

The Commission’s views on strengthening the Euro Area: Barking up the wrong tree?
Centre for European Policy Studies, September 2017

Two visions, one direction: Plans for the future of Europe
European Political Strategy Centre, September 2017

Euro Plus Monitor: September 2017 update
Lisbon Council for Economic Competitiveness and Social Renewal, September 2017

The euro’s difficult future: Competitiveness imbalances and the Eurozone’s North-South divide
Atlantic Council, September 2017

Is the euro zone really out of the woods?
Centre for European Reform, September 2017

Germany and the future of the Eurozone
Carnegie Europe, September 2017

Euro area: When horizons exceed red lines
Institut der Deutschen Wirtschaft Köln, September 2017

A European perspective on over indebtedness
Bruegel, September, 2017

A resilient Euro needs Franco-German compromise
Bruegel, September, 2017

Hamilton’s Paradox revisited: Alternative lessons from US history
Centre for European Policy Studies, September 2017

Yes, the German election has created a problem for euro area reform
Peterson Institute for International Economics, September 2017

Germany should accept more risk sharing, and France more market discipline
Peterson Institute for International Economics and others, September 2017

The single monetary policy and its decentralised implementation: An assessment
Centre for European Policy Studies, September 2017

Europe’s fourfold union: Updating the 2012 vision
Bruegel, September, 2017

Fiscal policy stabilisation and the financial cycle in the Euro Area
Centre for European Policy Studies, August 2017

Equilibrium real interest rates and secular stagnation: An empirical analysis for Euro-Area member countries
Centre for European Policy Studies, August 2017

Europe must seize this moment of opportunity
Bruegel, August, 2017

Boom, slump, sudden stops, recovery, and policy options: Portugal and the euro
Peterson Institute for International Economics, July 2017

New ideas: France, Germany and the future of the Euro Area
Institute of International and European Affairs, July 2017

The status quo is not an option: Functional and existential weaknesses of the EMU
Martens Centre for European Studies, July 2017

Read this briefing on ‘Euro-area reform‘ on the Think Tank pages of the European Parliament.