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Authors
Henrik Enderlein

Henrik Enderlein

Henrik Enderlein is Director of Jacques Delors Institut – Berlin and professor of political ...
Jacques Delors

Jacques Delors

Jacques Delors was President of the Economic Monetary Affairs Committee of the European Parliament ...
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

After serving as President Delegate of the Council of Economic Analysis, then founding and heading ...
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 ...
Sofia Fernandes

Sofia Fernandes

Sofia Fernandes is Senior Research Fellow at the Jacques Delors Institute (JDI) since January 2010 ...
Eulalia Rubio

Eulalia Rubio

Eulalia Rubio is Senior Research Fellow at the Jacques Delors Institute. Her research and ...
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Publications

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

on June 26, 2012, 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, António Vitorino, Sofia Fernandes and Eulalia Rubio
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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
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