What is it about?
European public policies increasingly include state-contingent governance of sovereign risk in the eurozone, i.e. a multitude of provisions which are activated contingent on national constraints and common challenges in a way which hampers fiscal discipline.
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Why is it important?
The European Union (EU) framework for governing sovereign risk in the Economic and Monetary Union (EMU) appears to be evolving from a focus on public risk reduction to a ‘Next Generation EMU’ which favours public risk sharing.
Perspectives
The challenge for the future EMU will be to balance the need to preserve the integrity of the eurozone with the need for fiscal discipline.
Dr. Ad van Riet
United Nations University Institute on Comparative Regional Integration Studies (UNU-CRIS)
Read the Original
This page is a summary of: European Public Policies and Sovereign Risk in the Eurozone: How State-Contingent Governance Hampers Fiscal Discipline, The Economists Voice, June 2023, De Gruyter,
DOI: 10.1515/ev-2023-0013.
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