The Implications for the EU and National Budgets of the Use of EU Instruments for Macro-Financial Stability

CEPS Special Reports, ISBN 978-94-6138-270-0, September 2012

80 Pages Posted: 7 Sep 2012

See all articles by Alessandra Casale

Alessandra Casale

affiliation not provided to SSRN

Alessandro Giovannini

European Central Bank (ECB) - Directorate General International and European Relations

Daniel Gros

Centre for European Policy Studies, Brussels; CESifo (Center for Economic Studies and Ifo Institute)

Paul Ivan

Independent

Jorge Nunez-Ferrer

Centre for European Policy Studies (CEPS)

Fabrizia Peirce

ASSONIME

Date Written: September 4, 2012

Abstract

The euro crisis has forced member states and the EU institutions to create a series of new instruments to safeguard macro-financial stability of the Union. This study describes the status of existing instruments, the role of the European Parliament and how the use of the instruments impinges on the EU budget also through their effects on national budgets. In addition, it presents a survey of other possible instruments that have been proposed in recent years (e.g. E-bonds and eurobonds), in order to provide an assessment of how EU macro-financial stability assistance could evolve in the future and what could be its impact on EU public finances.

Keywords: macro-financial stability, euro, euro crisis, safeguard, EU, EU budget, EU public finances

Suggested Citation

Casale, Alessandra and Giovannini, Alessandro and Gros, Daniel and Ivan, Paul and Nunez-Ferrer, Jorge and Peirce, Fabrizia, The Implications for the EU and National Budgets of the Use of EU Instruments for Macro-Financial Stability (September 4, 2012). CEPS Special Reports, ISBN 978-94-6138-270-0, September 2012, Available at SSRN: https://ssrn.com/abstract=2142443

Alessandra Casale (Contact Author)

affiliation not provided to SSRN

Alessandro Giovannini

European Central Bank (ECB) - Directorate General International and European Relations ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Daniel Gros

Centre for European Policy Studies, Brussels ( email )

1 Place du Congres
B-1000 Brussels, 1000
Belgium

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

HOME PAGE: http://www.CESifo.de

Paul Ivan

Independent

Jorge Nunez-Ferrer

Centre for European Policy Studies (CEPS) ( email )

1 Place du Congres
Brussels, 1000
Belgium

Fabrizia Peirce

ASSONIME ( email )

Piazza Venezia 11
ROMA, 00187
Italy

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