Stability of the Financial System
DOI: 10.4337/9781782547846.00012
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From the Stability Pact to ESM - What Next?

Abstract: Europe is struggling with the resolution of the severe debt crisis and is in the process of overhauling its institutional set up. One element of the reform agenda is the European Stability Mechanism (ESM) which is intended to provide liquidity assistance to countries in case financial stability in the Euro Area is at stake. The ESM shall enter into force in July 2012, following ratification of the member states. It will have five instruments at its disposal: direct loans to countries, purchases of assets on th… Show more

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Cited by 2 publications
(2 citation statements)
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“…The basis of the French position is that we don't want all decisions on economic, budgetary, fiscal and monetary policy to be shaped by a technocratic automatic system under the sole authority of the ECB (Buchan et al (1996).…”
Section: The Evolution Of the Single European Currency Area's Institutional Structurementioning
confidence: 99%
“…The basis of the French position is that we don't want all decisions on economic, budgetary, fiscal and monetary policy to be shaped by a technocratic automatic system under the sole authority of the ECB (Buchan et al (1996).…”
Section: The Evolution Of the Single European Currency Area's Institutional Structurementioning
confidence: 99%
“…low inflation and small budget deficits (De Grauwe, 1994). Once in the euro zone strict budget deficit limits, the stability and growth pact (Buchan et al, 1996), and permanent control of monetary policy (the base interest rate) by the independent, constitutionally committed to low inflation/ price stability European Central Bank, become legal fact rather than a matter of democratic choice. Euro zone members have thus already abandoned control of their macroeconomic fates.…”
Section: Introductionmentioning
confidence: 99%