Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/157178
Authors: 
Matthes, Jürgen
Iara, Anna
Year of Publication: 
2016
Series/Report no.: 
IW-Report 17/2016
Abstract: 
According to a dominant narrative, the recent crisis has allegedly shown that EMU is not sustainable without fiscal risk sharing. We identify two major hazards associated with this view. First, trust in EMU governance could unduly erode despite major recent achievements, notably if further fiscal integration should prove elusive. Second, the debate on further fiscal integration could distract from additional reforms needed to prevent financial cycles in the future. In contrast, we suggest that a limited set of reforms (mostly focusing on the financial sector) would suffice to make EMU sustainable.
JEL: 
F45
E02
G28
Document Type: 
Research Report

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