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Reengineering EMU for an Uncertain World

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Reengineering EMU for an Uncertain World

Peterson Institute for International Economics,

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European Monetary Union is still broken and will never be fixed without a unified European political will.

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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.

Summary

The euro area avoided meltdown, but it remains at risk. It has made progress, notably with the introduction of Outright Monetary Transactions (OMT), and it also brought back some hard-won stability to the sovereign bond markets. Nevertheless, the euro zone is a splintered, multipolar group of states with often-competing interests and without a clear vision of the future. To achieve sustainability, the European Monetary Union (EMU) has to act in three crucial policy areas:

  1. Politics – European Monetary Union needs a reinvigoration and a realignment...

About the Author

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

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