Structural Reforms for Growth and Cohesion
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Structural Reforms for Growth and Cohesion

Lessons and Challenges for CESEE Countries and a Modern Europe

Edited by Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth

Effective and well-designed structural reforms are key to shaping Europe’s future in the context of the formidable challenges facing the continent today. This book examines the achievements and failures of past structural policies so that future ones can be adapted to address remaining and newly emerging challenges with greater success. Highlighting the social aspects and distributional effects of reforms that go beyond liberalization and deregulation, the book covers key issues facing future Europe, particularly those arising from technological innovation.
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Chapter 16: Reflections on a public risk-sharing capacity for the euro area

Hubert Gabrisch

Abstract

This chapter discusses how to reconcile the need for a substantial reform of the framework of the European Union (EU) with the responsibility for country reforms. The issue is exemplified by means of a central fiscal risk-sharing instrument for the euro area (EA). The author argues that such a capacity would not necessarily create a super-state. It would be an overlay over the existing fiscal framework, completing it according to the distinct features of the monetary union as being a federation of single nation-states. Such a capacity would make the fiscal stipulations of the Maastricht Treaty more reliable. An assessment of various concepts by using the criteria of sovereignty, efficiency and effectiveness reveals the superiority of a stabilization fund against a full-fledged EA budget and a European Monetary Fund. With respect to the latter, it would unduly combine the stabilization and the disciplinary functions.

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