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M. Messori, S. Micossi: Counterproductive Proposals on Euro Area Reform by French and German Economists

February 13, 2018 - This Policy Brief was prepared by SEP president Stefano Micossi and SEP director Marcello Messori. It is in response to CEPR Policy Insight No. 91 (PI 91). As President Micossi and Director Messori argue in this brief, the PI 91 proposal actually heightens the risks of financial instability and weakens euro area defenses against financial shocks, potentially opening the way to a renewed existential crisis of the common currency. Rather than a quasi-complete coincidence of policy recommendations, this jointly published SEP/CEPR policy brief advocates for a viable compromise on the future governance of the euro area that works not only for France and Germany but all the member states of the euro area.    

Click HERE to view the Policy Brief or download a PDF version below. 

Downloadable Policy Brief.pdf254.64 KB