Joint ESM/IMF/ADEMU conference

 
HOW MUCH OF A FISCAL UNION FOR THE EMU?

A central question in the development of Europe is how much of a Fiscal Union is needed in order to have a stable and resilient Euro Area and European Union? This has been a recurrent issue throughout the euro crisis, in which the ECB has played a major role, in a way similar to that of the FED during the US financial crisis, although the FED has been able to rely on the backup of the US Treasury. Brexit and other major current developments in the global economy (migration crisis, US elections, etc.) have exacerbated the need to address this question squarely, and to find a viable institutional fiscal and monetary framework for the European Economic and Monetary Union (EMU).

The recent European Commission White Paper opens a debate on what path a post-Brexit European Union should take. But no matter which political path is chosen, the Fiscal Union question needs to be addressed; indeed, doing so will certainly shed light on what direction – possibly into uncharted territory – might be the most desirable for the Euro Area and the European Union (of 27) to pursue. The conference presents new research and well-informed discussions, which should help to address this central question.

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