In 2012, the European Commission celebrated the 20th anniversary of the European
Union'single market'. In a climate of trepidation about the future of the European project, the …

Because of recent economic crises, financial fragility has regained prominence in both the
theory and practice of macroeconomic policy. Consistent with macroeconomic paradigms …

Irrespective of the euro crisis, a European banking union makes sense, including for non-
euro area countries, because of the extent of European Union financial integration. The …

I would like to gratefully acknowledge the support of Kemal Derviş and the Global Economy
and Development program at the Brookings Institution. Kemal suggested the paper and …

The early literature on Economic and Monetary Union (EMU) in Europe provided insights
into the difficulties involved in forming a monetary union among diverse economies. Several …

Proposals for different types of elements of a fiscal union have flourished in recent years,
both from academic and policy circles. Since a fiscal union could take a constellation of …

The ramifications of the Global Financial Crisis, which erupted in 2007, continue to surprise
not only the general public but also finance professionals, economists, and journalists …

Problems in the banking system are at the core of the current crisis. The establishment of a
banking union is a necessary (though not sufficient) condition for eventual crisis resolution …

The destructive potential of the sovereign debt crisis of the euro area has been slowly
abating since last summer, but still remains considerable. One reason for it is the sheer …

Wie kostbar diese Entwicklung ist, war den Generationen, die noch Erfahrungen mit dem
Zweiten Weltkrieg sammeln mussten, stets bewusst. Die Europäisierung des Spielfeldes für …