Maastricht 2.0: Safeguarding the future of the Eurozone
Not everybody agrees that the Greek crisis means the EU needs more integration. This column, from the German Council of Economic Experts, argues that for as long as EZ members are unwilling to transfer national sovereignty over economic and financial policy to the European level, all reform proposals must withstand a critical evaluation of the incentives they set for national economic and financial policy. The institutional framework of the single currency area can only ensure stability if it follows the principle of that liability and control must go hand in hand. Those who decide must bear the consequences of their decisions.
Feld, L., C. Schmidt, I. Schnabel und V. Wieland (2016), Maastricht 2.0: Safeguarding the future of the Eurozone. In Richard Baldwin und Francesco Giavazzi (Hrsg.), How to fix Europe’s monetary union: Views of leading economists. London: Centre for Economic Policy Research (CEPR), 46-61.