This paper summarizes the results of CASE's research project on 'Strategies for Joining the EMU' and proposes policy recommendations both for new member states (on how to manage their accession to the Eurozone) and for the European Commission, ECB and old member states (on how to manage and...

The European Central Bank (ECB) recently became engaged in macro-prudential policies and the micro-prudential supervision of the largest Euro area banks. These new tasks should help complete financial integration, and make the Euro area more resilient to financial instability risks. However, the...

Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more....

The EU's limited fiscal capacity has proven to be the most critical constraint in responding to the global financial crisis in a coordinated manner. The EU does not have enough resources to rescue the troubled financial institutions and member states. This leads to a nationalization of rescue...

The European debt crisis triggered a debate on the lacking components of the EU and EMU integration architecture. Many believe that a common currency requires closer fiscal and political integration as a condition for its survival. This opinion is not necessarily supported by the experience of...

This paper summarizes the results of CASE's research project on 'Strategies for Joining the EMU' and proposes policy recommendations both for new member states (on how to manage their accession to the Eurozone) and for the European Commission, ECB and old member states (on how to manage and...

As the euro area business cycle matures, will the interaction between monetary policy and supervisory policy become potentially controversial? How to avoid situations where controversy over the actions of one policy dents the credibility of the other and/or the institutions involved? And how to...

As the euro area business cycle matures, will the interaction between monetary policy and supervisory policy become potentially controversial? How to avoid situations where controversy over the actions of one policy dents the credibility of the other and/or the institutions involved? And how to...

This paper analyses three questions related to the EU/EMU integration infrastructure: (i) interrelation between monetary and fiscal integration; (ii) interrelation between monetary integration and closer coordination of macroeconomic policies and (iii) fiscal discipline vs. fiscal solidarity. On...