Álvarez Peralta, Nacho; Feigl, Georg; Koratzanis, Nasos; … - 2019
-cyclical stances; the absence of an unconditional lender of last resort for governments and the consequent doubts over the 'safe asset …The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings … economic objectives in guiding the conduct of fiscal policies; and last but not least, the fact that, under the EMU …