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The ECB under the threat of fiscal dominance : the individual central banker dimension

Heinemann, Friedrich; Kemper, Jan - In: The Economists' voice 18 (2021) 1, pp. 5-30

Persistent link: https://www.econbiz.de/10012805955

Flexibility versus Stability : A Difficult Trade-Off in the Eurozone

Policy Studies, Centre for European - 2016

Optimal currency area (OCA) theory has been influential in pushing eurozone countries towards structural reforms to make product and labour markets more flexible. The underlying assumption of the OCA prescription for structural reform is that asymmetric shocks are permanent. However, when shocks...

Persistent link: https://www.econbiz.de/10012991813

Reconciling Insurance with Market Discipline : A Blueprint for a European Fiscal Union

Dolls, Mathias - 2016

This contribution develops a blueprint for a European fiscal union. We argue that a viable European fiscal union can be constructed without joint liability for public debt or a centralized government with a large common budget. Such a fiscal union should combine elements of market discipline...

Persistent link: https://www.econbiz.de/10012996428

Has the Eurozone Become Less Fragile? Some Empirical Tests

De Grauwe, Paul - 2015

In this paper we provide empirical evidence documenting the nature of the Eurozone's fragility. We find that during periods of turmoil, financial markets have tended to impose strong programs of austerity on member countries of the Eurozone. This confirms the evidence we found in a previous...

Persistent link: https://www.econbiz.de/10013029461

A Viable Insolvency Procedure for Sovereigns (VIPS) in the Euro Area

Fuest, Clemens - 2014

A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency proce-dure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...

Persistent link: https://www.econbiz.de/10013048549

The political economy of euro area sovereign debt restructuring

Heinemann, Friedrich - 2021

The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform contributions to the debate. Against this backdrop, the...

Persistent link: https://www.econbiz.de/10012421950

The future of the European fiscal union : survey results from members of national parliaments in France, Italy and Germany

Blesse, Sebastian; Bordignon, Massimo; Boyer, Pierre C.; … - 2021

of three dimensions on EU and euro area fiscal reform preferences: nationality, political ideology, and populism. We …

Persistent link: https://www.econbiz.de/10012596720

Dispelling the shadow of fiscal dominance? : fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic

Havlik, Annika; Heinemann, Friedrich; Helbig, Samuel; … - 2021 - This version: June 2021

We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government … bond spreads of ten euro member countries. Our motivation is to evaluate which of the two players - the ECB or the EU … only for the announcement of the 'Next Generation EU' program. In contrast, a temporary relaxation of European fiscal rules …

Persistent link: https://www.econbiz.de/10012534642

Euro area reform preferences of Central and Eastern European economic experts

Blesse, Sebastian; Havlik, Annika; Heinemann, Friedrich - In: Empirica : journal of european economics 48 (2021) 1, pp. 155-179

Persistent link: https://www.econbiz.de/10012487646

The political economy of euro area sovereign debt restructuring

Heinemann, Friedrich - In: Constitutional political economy 32 (2021) 4, pp. 502-522

Persistent link: https://www.econbiz.de/10012651359