Proposal for a Stabilisation Fund for the EMU

CEPS Working Documents No. 385

15 Pages Posted: 6 Nov 2013

See all articles by Bernard Delbecque

Bernard Delbecque

European Fund and Asset Management Association (EFAMA); Catholic University of Louvain (UCL)

Date Written: October 14, 2013


This paper argues that it should be possible to complement Europe’s Economic and Monetary Union with an insurance-type shock absorption mechanism to increase the resilience of member countries to economic shocks and reduce output volatility. Such a mechanism would neither require the establishment of a central authority, nor would it lead to permanent transfers between countries. For this mechanism to become a reality, however, it would be necessary to overcome certain technical problems linked to the difficulty of anticipating correctly the position of an economy in the business cycle.

Keywords: Economic and Monetary Union, EMU, stabilisation fund

Suggested Citation

Delbecque, Bernard, Proposal for a Stabilisation Fund for the EMU (October 14, 2013). CEPS Working Documents No. 385. Available at SSRN:

Bernard Delbecque (Contact Author)

European Fund and Asset Management Association (EFAMA) ( email )

18, Square de Meeûs
Brussels, 1050
003225133969 (Phone)

Catholic University of Louvain (UCL) ( email )

Department of Economics
B1348 Louvain-la-Neuve, 1348

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