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Miguel Otero IglesiasMiguel Otero Iglesias

International Political Economy at Elcano Royal Institute

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European Commission’s reflection paper

June 15, 2018 By admin

Beyond risk sharing and risk reduction: A Spanish view of EMU reforms

Deepening of EMU cannot wait until all countries have carried out all their domestic reforms, both risk sharing and risk reduction need to proceed simultaneously. In fact, all euro area countries are exposed to the risk of an incomplete monetary and economic union but with very asymmetric costs. This column, part of the VoxEU debate on euro area reform, argues that this risk can only be tackled with common instruments and policies at the European level, whose mere existence will reduce not only its magnitude but also its asymmetric consequences.


Miguel’s joint paper with Rafael Doménech and Federico Steinberg is available to read at Vox.org

Filed Under: Articles, Blog Posts Tagged With: EMEU, ESM, euro area reform, European Commission’s reflection paper, manifesto, Spain

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