![We need a European Monetary Fund, but how should it work?](/summary-img/31140-JCTKY13C.jpg?h=M&b=0)
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Over time, banking and sovereign debt crises have laid bare the original design flaws in the European Monetary Union (EMU), which sorely needed a blueprint to guide the region through financial tumult. According to this cogent essay by economists André Sapir and Dirk Schoenmaker, a transformation of the European Stability Mechanism – by expanding its responsibilities and reforming its governance – into a European Monetary Fund would help close gaps in the EMU edifice. getAbstract recommends this succinct but innovative text to policy analysts and experts.
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About the Authors
André Sapir and Dirk Schoenmaker are economists with Bruegel, a European think tank.
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