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Reengineering EMU for an Uncertain World
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Reengineering EMU for an Uncertain World

Angel Ubide
Peterson Institute for International Economics, 2013
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Editorial Rating

7

Recommendation

Economist Angel Ubide presents a compelling argument: Without renewed Europe-wide political will that clearly sets out the value of a shared future for all in the euro zone, the prospects for European Monetary Union (EMU) are limited. He proposes three ways to secure the bloc’s survival. His analysis, while presenting little that is new or controversial, nevertheless draws from an obvious depth of knowledge and insight. getAbstract highly recommends this report to policy makers and market participants for its astute take on how EMU can move forward.

Take-Aways

  • The euro zone is probably over the worst of its crisis, but it is still a splintered amalgam of competing interests.
  • The risks confronting European Monetary Union (EMU) are political, not fiscal or economic. Only a renewed political will can create a cohesive union capable of withstanding future shocks.
  • Three tools can sustain EMU: a “political solidarity” that forges a unified vision of the future, eurobonds that provide “a credible risk-free asset” and a focus on demand to spur economic growth.

About the Author

Economist Angel Ubide is a visiting fellow at the Peterson Institute for International Economics.

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