Helsinki
Paris
Lisbonne
News and archives of Jacques Delors
News archives from
Jacques Delors
Access
Subscribe to our newsletter
Subscribe to our newsletter
Read our newsletter
Authors
Henrik Enderlein

Henrik Enderlein

Henrik Enderlein is Professor of Political Economy at the Hertie School of Governance. He holds ...
Jacques Delors

Jacques Delors

Jacques Delors was president of the European Commission from 1985 to 1995. He had previously been ...
Helmut Schmidt

Helmut Schmidt

Former Chancellor of the Federal Republic of Germany.
Peter Bofinger

Peter Bofinger

Member of the German Council of Economic Experts, Professor of Economics at the University of ...
Laurence Boone

Laurence Boone

Paul De Grauwe

Paul De Grauwe

Paul de Grauwe is a Belgian economist and John Paulson Professor in European Political Economy at ...
Jean-Claude Piris

Jean-Claude Piris

Jean Pisani-Ferry

Jean Pisani-Ferry

Director of Bruegel, the Brussels-based economic think tank, and professor of economics with ...
Maria João Rodrigues

Maria João Rodrigues

Maria João Rodrigues is a professor of economics at ISCTE, University Institute, Lisbon. She is ...
André Sapir

André Sapir

Professor of economics at the Université Libre de Bruxelles.
António Vitorino

António Vitorino

António Vitorino, born in 1957 in Lisbon, holds a degree in law from the University of Lisbon and ...
DIARY
Search
Themes :
Select ...
Choose a theme
Types :
Select ...
Choose type
Dates :
Select ...
Valider
Publications

Completing the Euro: A road map towards fiscal union in Europe

le 26 Juin 2012 à 10:10
Studies and reports - Henrik Enderlein, Jacques Delors, Helmut Schmidt, Peter Bofinger, Laurence Boone, Paul De Grauwe , Jean-Claude Piris, Jean Pisani-Ferry, Maria João Rodrigues, André Sapir and António Vitorino
Print
Send by e-mail

Report translated in French and in German.


  • This report is the result of the work of the "Tommaso Padoa-Schioppa group", established by Notre Europe - Jacques Delors Institute to reflect on the future of the Economic and Monetary Union. After a thorough analysis of the roots of the crisis, the report identifies three major challenges the euro area will have to solve in the coming decade:

  • Preventing large and persistent EMU heterogeneities;

  • Making the EMU fiscal framework more sustainable and resilient to 'self-fulfilling solvency' crises;

  • Breaking the nexus between national banks and national sovereigns with the establishment of an appropriate EMU framework for banking supervision and resolution.

    • To solve these challenges, the report proposes:


  • Completing and fostering the single market in order to allow the real exchange rate channel to work more effectively;

  • Creating an automatic cyclical stabilization fund outside the EU budget, to alleviate the effects of endogenously-generated EMU cyclical divergences;

  • Rebalancing fiscal rights and fiscal duties in the common currency area, in particular through the creation of a European Debt Agency which would serve as normal financing instrument for an amount of 10% of GDP to all countries but would also ensure adequately priced access to sovereign financing in crisis times;

  • Creating a euro area banking union, composed by a euro area banking supervision authority with micro-prudential powers and a euro area agency inspired by the US Federal Deposit Insurance Corporation (FDIC), combining the function of a banking resolution agency and a deposit guarantee scheme.




    • Extracts published in the European press:


    Financial Times

    El Corriere della Sera

    La Repubblica

    Le Monde

    Eurointelligence

    Der Spiegel online

    Press Review



    Presentation of the Report of "Tommaso Padoa-Schioppa Group" in Brussels (9 July 2012)


    Download the document of presentation


    See the programme of the presentation

    Download the synthesis of the presentation


    Presentation of the Report of "Tommaso Padoa-Schioppa Group" in Paris (25 September 2012)


    Download the document of presentation


    See the programme of the presentation

    Download the synthesis of the presentation
    Contact - Sitemap - Legal - Vacancies
    Notre Europe - 19, rue de Milan - 75009 Paris - France - Tel. dir. : +33 1 44 58 97 97 - Fax : + 33 1 44 58 97 99
    le partenaire des médias