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dc.contributor.authorBelke, Ansgaren_US
dc.description.abstractThe current instruments in the EU to deal with debt and liquidity crises include among others the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). Both are temporary in nature (3 years). In terms of an efficient future crisis management framework one has to ask what follows after the EFSF and the EFSM expire in 3 years time. In this vein, this briefing paper addresses the question of the political and economic medium- to long-term consequences of the recent decisions. Moreover, we assess what needs to be done using this window of opportunity of the coming 3 years. Which institutions need to be formalized, into what format, in order to achieve a coherent whole structure? This briefing paper presents and evaluates alternatives as regards the on-going debate on establishing permanent instruments to support the stability of the euro. Among them are the enhancement of the effectiveness of the Stability and Growth Pact combined with the introduction of a 'European semester' and a macroeconomic surveillance and crisis mechanism, fiscal limits hard-coded into each country's legislation in the form of automatic, binding and unchangeable rules and, as the preferred solution, the European Monetary Fund.en_US
dc.publisher|aRWI |cEssenen_US
dc.relation.ispartofseries|aRuhr economic papers |x207en_US
dc.subject.keywordEU governanceen_US
dc.subject.keywordEuropean Financial Stability Facilityen_US
dc.subject.keywordEuropean Financial Stabilisation Mechanismen_US
dc.subject.keywordEuropean Monetary Funden_US
dc.subject.keywordpolicy coordinationen_US
dc.subject.keywordStability and Growth Pacten_US
dc.titleThe Euro Area Crisis Management Framework – Consequences and Institutional Follow-upsen_US
dc.typeWorking Paperen_US

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