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Bénassy-Quéré, Agnès; Brunnermeier, Markus K.; Enderlein, Henrik; Farhi, Emmanuel; Fratzscher, Marcel; Fuest, Clemens; Gourinchas, Pierre-Olivier; Martin, Philippe; Pisani, Florence; Rey, Hélène; Véron, Nicolas; Weder di Mauro, Beatrice; Zettelmeyer, Jeromin (January 2018): Reconciling risk sharing with market discipline. A constructive approach to euro area reform. : Centre for Economic Policy Research.
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Abstract

The euro area continues to suffer from critical weaknesses that are the result of a poorly designed fiscal and financial architecture, but its members are divided on how to address the problems. This paper proposes six reforms which, if delivered as a package, would improve the euro area?s financial stability, political cohesion, and potential for delivering prosperity to its citizens, all while addressing the priorities and concerns of participating countries.