Marco Buti, George Papaconstantinou 23 April 2021
Most of the discussion on the economic policy response to the pandemic in Europe has centred on its ambition, tools, and institutional characteristics. Less discussion has taken place on the factors shaping EU integration and economic policy priorities after the pandemic. In a new CEPR Policy Insight, the authors argue that four sets of issues will be important in shaping the legacy of the pandemic for European integration: redefining the new boundaries between state and market; revisiting the nature of subsidiarity; reconnecting the EU domestic with the global agenda; and learning to respond to longer term structural shifts.
Valentina Milano, Pietro Reichlin
The COVID-19 crisis represents a unique litmus test for the European Monetary Union’s (EMU) risk-sharing capacities in allowing us to assess whether the institutional progress made since the global crisis and the subsequent euro area sovereign debt crisis has borne any fruit.
Despite the progress in recent years, the European banking and capital markets unions are still incomplete. The decentralized nature of European fiscal policies has historically been an impediment to increasing and more resilient financial integration and stability in the EMU (Bénasse-Quéré et al. 2018, Constâncio 2018 and Berger et al. 2018). Enhancing the EMU’s private and public risk-sharing capacities has therefore been a central element of the policy debate on the euro-area reform (Pisani-Ferry and Zettelmeyer 2019).
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