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L. Bini Smaghi: Reconciling Risk Sharing with Market Discipline

January 30, 2018 - This policy brief was prepared by SEP Scientific Council member, Lorenzo Bini Smaghi. It is a response to a published policy paper by 14 French and German economists in the CEPR Policy Insights series (CPI91). As stated by Mr. Bini Smaghi, the CPI91 makes an important contribution to the discussion, and strongly promotes the need for change, but is subject to a few but important shortcomings. This policy brief aims at pointing out some of those shortcomings and tries to make alternative, although partially complementary proposals, with a view to ensure a greater consistency of the overall reform package.

Click HERE to view the full policy brief or download a printable PDF below. 

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Policy Brief.pdf248.19 KB