The Euro Crisis: Some Reflexions on Institutional Reform

Tirole, Jean (2012) The Euro Crisis: Some Reflexions on Institutional Reform. Financial Stability Review (Banque de France), vol.16. pp. 225-242.

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Official URL: http://tse-fr.eu/pub/25590

Abstract

The debate on the Euro crisis understandably has had a strong short term focus. Avoiding short‐term disaster has been tantamount and the long term sustainability issue sometimes neglected; yet, the institutional failure of the Eurozone forces us to reconsider current arrangements in order to restore credibility and sustainability. The article discusses various paths for the reform of the overall governance, from fiscal management to banking regulation, through the recent proposals to mutualize and repackage part of the Sovereign debts into a supranational one or to introduce joint‐and‐several liability.

Item Type: Article
Language: English
Date: February 2012
Refereed: Yes
Uncontrolled Keywords: Sovereign debt, Euro crisis, fiscal rules, Eurobonds
JEL codes: E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation
F34 - International Lending and Debt Problems
H63 - Debt; Debt Management
Subjects: B- ECONOMIE ET FINANCE
Divisions: TSE-R (Toulouse)
Site: UT1
Date Deposited: 09 Jul 2014 17:23
Last Modified: 07 Mar 2018 13:22
OAI ID: oai:tse-fr.eu:25590
URI: http://publications.ut-capitole.fr/id/eprint/15208

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