
Contents
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I. Introduction I. Introduction
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II. The Financial Crisis: Deficiencies Revealed II. The Financial Crisis: Deficiencies Revealed
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III. Economic Union: Assistance and Fiscal Discipline III. Economic Union: Assistance and Fiscal Discipline
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A. Factors driving reform: Treaty orthodoxy, Treaty accommodation, and institutional adaptation A. Factors driving reform: Treaty orthodoxy, Treaty accommodation, and institutional adaptation
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B. The return to Treaty orthodoxy: ESM and the European Monetary Fund B. The return to Treaty orthodoxy: ESM and the European Monetary Fund
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C. The return to Treaty orthodoxy: the TSCG and Budgetary Discipline C. The return to Treaty orthodoxy: the TSCG and Budgetary Discipline
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IV. Economic Union and Stabilization: The Individual Dimension IV. Economic Union and Stabilization: The Individual Dimension
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A. Stabilization, structural support, and economic union: the linkage A. Stabilization, structural support, and economic union: the linkage
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B. Stabilization, structural support, and economic union: mode of delivery B. Stabilization, structural support, and economic union: mode of delivery
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C. Stabilization, structural support, and economic union: Commission proposals C. Stabilization, structural support, and economic union: Commission proposals
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1. ‘Reform Commitments’: pilot scheme 1. ‘Reform Commitments’: pilot scheme
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2. The Structural Reform Support Programme: extending its ambit 2. The Structural Reform Support Programme: extending its ambit
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3. The proposed Reform Support Programme 3. The proposed Reform Support Programme
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V. Economic Union and Stabilization: The Collective Dimension V. Economic Union and Stabilization: The Collective Dimension
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A. Macroeconomic Stabilization and Economic Union: the linkage A. Macroeconomic Stabilization and Economic Union: the linkage
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B. Macroeconomic Stabilization and Economic Union: limits B. Macroeconomic Stabilization and Economic Union: limits
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C. Macroeconomic Stabilization and Economic Union: options C. Macroeconomic Stabilization and Economic Union: options
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1. EU budget increase 1. EU budget increase
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2. Euro area Treasury 2. Euro area Treasury
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3. European Investment Protection Scheme 3. European Investment Protection Scheme
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4. European Unemployment Reinsurance Scheme 4. European Unemployment Reinsurance Scheme
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5. Rainy Day Fund 5. Rainy Day Fund
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6. The Way Forward: The Commission Proposal to establish a European Investment Stabilisation Function 6. The Way Forward: The Commission Proposal to establish a European Investment Stabilisation Function
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VI. Banking Union and Capital Markets Union VI. Banking Union and Capital Markets Union
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A. Immediate steps to reduce risks in the financial system A. Immediate steps to reduce risks in the financial system
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B. Completing the Banking Union B. Completing the Banking Union
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1. The common fiscal backstop to the Single Resolution Fund 1. The common fiscal backstop to the Single Resolution Fund
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2. 2.
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C. Capital Markets Union C. Capital Markets Union
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D. The creation of new financial instruments D. The creation of new financial instruments
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1. Sovereign Bond-Backed Securities 1. Sovereign Bond-Backed Securities
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2. The European safe asset 2. The European safe asset
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VII. Accountability VII. Accountability
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A. Economic Union A. Economic Union
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1. The European Monetary Fund 1. The European Monetary Fund
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2. 2.
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B. Monetary Union B. Monetary Union
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C. Banking Union and Capital Markets Union C. Banking Union and Capital Markets Union
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VIII. Conclusion VIII. Conclusion
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Cite
Abstract
Discourse concerning Economic and Monetary Union (EMU) reform is complex. This is in part because of the inherent complexity of the subject matter, and in part because the outcome, whatsoever that might be, will not be determined purely by economics. The European Union (EU) is quintessentially the art of the possible, and politics is of considerable importance in determining the parameters in this respect. There is, moreover, a temporal dimension to discussion of EMU reform, which in this context signifies the fact that the likely direction of change emerges over time, with successive high-level reports operating incrementally to lay the groundwork for change. Thus, the key staging posts for the next stage of EMU reform include the Four Presidents’ Report, the Five Presidents’ Report, the Commission’s Reflection Paper, and its 2017 Roadmap for completion of EMU.
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